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RMC 1-80

RMC 1-80

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Published by: Ramon Augusto Melad Lacambra on Aug 26, 2011
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Revenue Memorandum Circulars01-02-80 Revenue Memorandum Circular No. 2-80January 2, 1980REVENUE MEMORANDUM CIRCULAR NO. 2-80Subject:Publishing Pertinent Portions of Central Bank of the PhilippinesCircular No. 707, Series of 1979To:All Internal Revenue Officers and Others ConcernedFor the information and guidance of all concerned there is published hereunder the provisions of Central Bank Circular No. 707, Series of 1979 applicable to the payment of national internal revenue taxes through the banking system:"The Monetary Board, in its Resolution No. 2063 dated November 23, 1979, approvedthe following amendments to Circulars No. 640 dated November 20, 1978, 217 February8, 1966, 313 dated November 26, 1970 and 426 dated August 21, 1974 on the rules andregulations governing the collection of internal revenue taxes and customs duties, taxesand other levies:"Sec. 1.Section 2 of Circular No. 640 is hereby amended to read as follows:"Authorized agent banks which include head offices, branches and agencies of commercial banks, savings and mortgage banks, stock savings and loan associations,development banks, the Development Bank of the Philippines and the Land Bank of thePhilippines shall accept payment from the taxpayer the full amount of internal revenuetaxes stated in space number 9 of the Revenue Tax Receipt (RTR) issued by theCommissioner of Internal Revenue or his authorized deputy, in the form of cash,cashier's, treasurer's manager's or certified checks, and checks drawn by the taxpayers or advice by the taxpayer to its bank to debit its account and shall issue and validate thecorresponding Confirmation Receipt (CR) on forms prescribed for this purpose.However, payments made through a debit to the account of the taxpayer shall involveamounts of P20,000.00 and above only and accordingly, in the preparation of theRevenue Tax Receipt (RTR), the Commissioner of Internal Revenue or his authorizeddeputy, shall, upon inquiry from the taxpayer, indicate thereon the name of the authorizedagent bank to whom the "taxpayer shall pay. In turn, the authorized agent bank shallindicate in space number 12 of the Confirmation Receipt the remarks "Account debited."Such Confirmation Receipt forms shall be supplied to the Authorized Agent Banks by theRevenue Collection Office, Central Bank, and shall be treated as accountable forms bythe Authorized Agent Banks. In the cities of Cebu, Davao, Bacolod, Iloilo and Cagayande Oro, Confirmation Receipt forms (CR) shall be supplied to the branch offices of theAuthorized Agent Banks by the Central Bank's Revenue Collection Regional Units in thesaid cities and shall be treated as accountable forms by said branches of AuthorizedAgent Banks. Authorized Agent Banks shall be required to submit a monthly InventoryReport of Confirmation Receipt (CR) to the Revenue Collection Office, Central Bank or its Revenue Collection Regional Units, not later than the 15th day of the succeedingmonth. However, in case of documentary, science and strip stamps, payment thereof shall be in the form of cash or cashier's manager's, treasurer's or certified checks. A check accepted for payment of taxes shall apply to only one Confirmation Receipt (CR). TheBureau of Internal Revenue shall be the sole agency to issue Revenue Tax Receipts(RTRs) to taxpayers and shall be fully accountable to the Central Bank for all RevenueTax Receipt forms issued by them." aisa dc
All Internal Revenue Officers are enjoined to give these provisions of CB Circular No.707 as wide a publicity as possible.EFREN I. PLANAActing Commissioner Copyright 1996 C D T e c h n o l o g i e s A s i a, I n c.01-23-80 Revenue Memorandum Circular No. 3-80January 23, 1980REVENUE MEMORANDUM CIRCULAR NO. 3-80Subject:Publishing the National Housing Authority RULES ANDREGULATIONS IMPLEMENTING P.D. 1217, the subject matter of which is the grantof tax exemption benefits to domestic corporations, partnerships or landowners whoinvest funds in housing for the low-income groups.To:All Internal Revenue Officers and Others Concerned."RULES AND REGULATIONSIMPLEMENTING PD - 1217"WHEREAS, Presidential Decree 757 mandated the National Housing Authority,hereinafter referred to as the Authority, to harness and promote the participation of the private sector in housing;"WHEREAS, in support of this objective, encouragement and incentives have beengranted by Presidential Decree 1217 to broaden the participation of the private sector;"WHEREAS, these incentives have been conceived to help the mass of the people toafford decent shelter and secure tenure; cdt"WHEREAS, Section 4 of Presidential Decree 1217 requires the Authority to define thelow-income groups who shall through incentives granted to domestic corporations, partnerships and landowners, be the end-beneficiaries for the Decree;"WHEREAS, Section 5 of Presidential Decree 1217 specifies that the Authority certifiesand approves projects eligible for benefits under the said Decree and therefore,consequently a need to define rules and regulations pertinent to such certification andapproval;"NOW, THEREFORE, pursuant to the provisions of Presidential Decree 1217, the National Housing Authority hereby promulgates the following procedures, rules andregulations:"ARTICLE IDEFINITION OF TERMS"Sec. 1.Low Income Family. - For purpose of Presidential Decree 1217, the low-income family is hereby defined as that family who, under the prevailing normal marketconditions of construction and of money costs, needs government assistance and subsidyin the form of capital and/or interest in order to avail of housing opportunities. cdtai"By reason of the foregoing, until further revised by the Authority, a low-income familyshall be understood to mean and to include that family whose average gross income, asevidenced by the joint income tax returns of the head and spouse for the last immediately preceding two (2) years, does not exceed P1,500 a month. Notwithstanding the aboveincome categorization, the low-income family with networth of more than P100,000 shallnot be eligible for the benefit under PD 1217. Income and networth for the purposes of eligibility under this Decree shall be determined at the time of application.
"Sec. 2.Housing Improvement. - A housing improvement is a physicaldevelopment on land which is being utilized for residential purposes and which may takethe form of among others, an apartment, a condominium unit, a house, a building, or partsthereof, the value of which improvement proportionately increases the valuation of theland on which the improvement is made. Further, it also includes all other structuresnecessary and incidental to the housing development undertaken in order to enhance thequality of housing the low income family as defined in Section 1."Housing improvements shall also include improvement on land undertaken to make thearea habitable such as water system, drainage, pipelines, roads, community facilities andopen space development. casia"Sec. 3.Income. - Income for the purposes of Section 3 of Presidential Decree1217 is defined as the gross income received and/or accrued by the domestic corporation, partnership or landowner as a result of undertaking a housing development which shall berented, or sold under installment basis, less allowable deductions."Such income shall be arrived upon after an adequate accounting system shall have beeninstalled for every low-income housing development which shall be clearly separatedfrom other taxable transactions in the books of account of the taxpayer. The accountingsystem intended for housing projects and development for the low-income families shall be in accordance with generally accepted accounting principle as it applies to transactions peculiar to the construction and housing industry, taking into consideration the followingrevenues and costs incurred in the pursuance of the project development as a whole:'a.Land development costs such as roads, water, drainage, power and includingcommon facilities;'b.Direct housing costs such as the cost of construction of the dwelling unit; cd'c.Indirect costs such as marketing, promotion overhead, fees and interests."Such income or profit shall be exempt from income taxes upon the certification of theAuthority that said income was derived from installment sales or from rentals to lowincome families."In case the housing development shall be undertaken jointly by several proponents,income shall be distributed pro-rata according to the equity contributed by each proponent as expressly quantified in the project proposal and in the project accounting.The same pro-rata share in the income shall be exempt from income taxes upon thecertification of the Authority to the extent that income was derived from installment salesor from rentals to low-income groups."Income as above determined from projects eligible under this Decree and certified to asserving the low-income group by the Authority shall cover those income recognizedduring taxable years over the project life. casia"Sec. 4.Interests. - Interests earned due to the financing of houses for the low-income groups shall be exempt from business and miscellaneous taxes as enumerated below, insofar as their gross receipts from such business are concerned:'4.1Percentage tax of 3% on gross receipts earned due to financing houses for thelow-income group and the corresponding privilege tax imposed by Secs. 209 and 192 (3)(dd) of the Tax Code, respectively, if a lending investors;'4.2Percentage tax of 5% on gross receipts earned due to financing houses for thelow-income group and the corresponding privilege tax imposed by Secs. 261 and 192 (3)(gg) of the Tax Code, respectively, if a financing company;