Tax Alert No. 22 [Revenue Memorandum Circular (RMC) No. 65-2023 dated 8 June 2023]

Venue for the Issuance of Certificate Authorizing Registration Relative to Tax-Free Exchanges of Properties under Section 40(C)(2) of the National Internal Revenue Code of 1997, as Amended

RMC No. 65-2023 was issued to circularize the amendment of Item VIII of RMC No. 19-2022, in compliance with the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.

Accordingly, applications for the issuance of Certificates Authorizing Registration (CAR) in relation to the tax-free exchange of properties Section 40(C)(2) of the Tax Code shall now be filed with the Revenue District Office (RDO) or Large Taxpayers (LT) Office having jurisdiction over the place where the transferee or 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.

You may access a copy of the Circular through the BIR website.