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37435rmc No. 76-2007 PDF

This document is a Revenue Memorandum Circular issued by the Bureau of Internal Revenue in the Philippines that prescribes additional mandatory documentary requirements for one-time real property transactions. It requires sellers to provide photocopies of official receipts to verify if the sale was for cash, deferred payment, or installment plan. It also requires buyers to provide a certified true copy of the Certificate Authorizing Registration for any prior transfers of the property. These additional documents are needed to validate tax payments and ensure all taxes due are correctly paid.

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208 views2 pages

37435rmc No. 76-2007 PDF

This document is a Revenue Memorandum Circular issued by the Bureau of Internal Revenue in the Philippines that prescribes additional mandatory documentary requirements for one-time real property transactions. It requires sellers to provide photocopies of official receipts to verify if the sale was for cash, deferred payment, or installment plan. It also requires buyers to provide a certified true copy of the Certificate Authorizing Registration for any prior transfers of the property. These additional documents are needed to validate tax payments and ensure all taxes due are correctly paid.

Uploaded by

John Paulo Q. Partacalao
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE
BUREAU OF INTERNAL REVENUE

Quezon City

October 25, 2007

REVENUE MEMORANDUM CIRCULAR NO. 76-2007

SUBJECT : Prescribing Additional Mandatory Documentary Requirements for


One-time Transactions Involving Transfers of Real Property

TO : All Internal Revenue Officers and Others Concerned

To ensure that all internal revenue taxes due on transfers of real property have
been correctly paid and remitted to the government, the following mandatory
documentary requirements shall be submitted in addition to the checklist of requirements
prescribed under Revenue Memorandum Order No. 15-2003:

1. Photocopy of the official receipts issued by the seller, for purposes of


determining whether the sale of real property is on cash basis, a deferred-
payment sale (when payments in the year of sale exceed 25% of the selling
price) or on installment plan (when payments in the year of sale do not exceed
25% of the selling price). The original copy of the official receipts shall be
presented to the Bureau for authentication during the processing of the
application for Certificate Authorizing Registration (CAR). However, if the
seller is not engaged in business, the acknowledgement receipts issued by the
seller to the buyer or any proof of payment shall be presented.

While the Contract to Sell and official receipts of payments are among the
documents required for installment sales in Annex A2 of Revenue
Memorandum Order No. 15-2003, the taxpayer presents only the Deed of
Absolute Sale which is, oftentimes, executed upon full payment. The purpose
of requiring the submission of a photocopy of the official receipts is for the
Revenue District Office to have a means of validating if the transaction is on
cash basis, deferred payment or installment plan.

2. Certified true copy of the original CAR (copy of the Registry of Deeds)
pertaining to the transfer of property prior to the issuance of Original/Transfer
Certificate of Title (OCT/TCT) or Condominium Certificate of Title (CCT)
which is the subject of the current sale/transfer, or certification issued by the
Registry of Deeds indicating the serial number of the CAR, date of issuance of
CAR, the Revenue District Office Number of the district office that issued the
CAR, the name of the Revenue District Officer who signed the CAR, the type
of taxes paid and the amount of payment per tax type.

The aforementioned document shall be submitted for OCT/TCT/CCT issued


starting 2007, in case the Register of Deeds fails to annotate the information
contained in the CAR as prescribed under Section 5 of Revenue Regulatio ns
No. 24-2002 dated November 15, 2002 and Section 1 of Memorandum Order
No. 233 dated December 11, 2006 issued by President Gloria Macapagal-
Arroyo, as circularized in Revenue Memorandum Circular No. 3-2007.

All internal revenue officials and employees are enjoined to give this Circular as
wide a publicity as possible.

(Original Signed)
LILIAN B. HEFTI
Commissioner of Internal Revenue

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