Revenue Memorandum Circular · RMC

RMC No. 65-2023

To amend Item VIII of RMC No. 19-2022 on the venue for the issuance of the Certificate Authorizing Registration relative to tax-free exchanges of properties under Section 40(C)(2) of the Tax Code of 1997, as amended, in compliance with Section 5 of Republic Act No. 11032 and to properly monitor transactions under Section 40(C)(2).

Bureau of Internal RevenueIndependent research copy

Document type: RMC
Number: 65
Year: 2023
Text quality: Not specified

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RMC No. 65-2023 (issued June 8, 2023) amends Item VIII of RMC No. 19-2022 to set a single venue for securing the Certificate Authorizing Registration (CAR) for properties transferred through tax-free exchange/reorganization under Section 40(C)(2) of the Tax Code of 1997, as amended. In all cases, the parties must submit the Annex 'B' documentary requirements to the Revenue District Office (RDO)/Large Taxpayers (LT) office having jurisdiction over the place where the transferee/surviving corporation is registered, regardless of the number of real properties and/or shares of stock involved and whether or not the properties are located in areas covered by different RDOs/LT offices. The amendment is made in compliance with Section 5 of Republic Act No. 11032 (Ease of Doing Business Act) and to properly monitor Section 40(C)(2) transactions.