The BIR has set the following deadline in the filing of application for enrollment in the VAT Tax Credit Certificate (TCC) monetization program.
Type of TCC Filing Period
For revalidated and unexpired TCCs
originally issued in 2002 and 2003 July 17, 2012 up to September 1, 2012
For unexpired and/or revalidated
TCCs originally issued in 2004
until April 11, 2012 July 17, 2012 up to October 17, 2012
You would recall that in Executive Order No. 68, series of 2012, as implemented by Joint Circular No. 2-2012 (May 31, 2012) issued by the Department of Finance, Department of Budget Management and BIR, the government implemented a monetization program which allows all VAT-TCCs issued by government to be converted into cash.
The application shall be filed in the VAT TCC –Issuing Office. VAT TCC holders with pending applications for cash conversion of outstanding VAT TCCs pursuant to Section 204(C) under the BIR’s Collection Program Division may still qualify by withdrawing their previously filed application for cash conversion, and filing a new application for enrollment with the VAT-TCC issuing offices.
The requirements for enrollment to the monetization program are contained in the attached application form.
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