TAX NOTES

BIR creates fast lane

TO better serve the public, the Bureau of Internal Revenue (BIR) announced it has created a fast lane for one-time, simple transactions.

Revenue Memorandum Circular (RMC) No. 43-2018 issued last May 18 states that the fast lane caters to individuals or corporations filing capital gains tax or donor’s tax returns with only one deed of sale, exchange, or donation involving one to three properties.

The transactions and the electronic certificates authorizing registration must be issued within three working days upon submission of complete documentary requirements, which should include the certificate furnished by the authorized agent bank to taxpayers after payment.

Please be guided accordingly.

SOURCE: P&A GRANT THORNTON

Certified Public Accountants

Punongbayan & Araullo (P&A) is the Philippine member firm of Grant Thornton International Ltd.

 

As published in SunStar Cebu dated 12 June 2018.