(Revenue Memorandum Circular No. 65-2023, issued on June 8, 2023)
This Tax Alert is issued to inform all concerned on the amendment to the venue for the application of Certificate Authorizing Registration (CAR) for transferred properties pursuant to tax-free exchanges (TFE) relative to the implementation of Republic Act (RA) No. 11032, or the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018”.
For purposes of the issuance of the CAR for transferred properties involved in tax-free exchanges, the parties to the transaction shall, in all cases, submit the documentary requirements to the revenue district office (RDO) or 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 stocks involved in a transaction, and whether or not those properties are situated in various locations covered by different RDOs/LT offices.
Previously, the CAR application shall be filed with the RDO having jurisdiction where the property is located (in case of real property) or the RDO where the issuing corporation is registered (in case of shares of stock or if the transaction involves transfer of multiple real properties and/or shares of stocks).
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