Tax Notes: Amendments to RMC 48-2018 on classification, processing time of one-time transactions

In order to align with the Citizen’s Charter 2023 Edition, the Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular 23-2023, which provides amended guidelines on Classification of One-Time Transactions (Onett) and the corresponding processing time for the issuance of Onett Computation Sheet (OCS) and Electronic Certificate Authorizing Registration (eCAR).

The amended guidelines are summarized below:

For Sale of Real Property / Shares of Stocks Processing and Issuance transactions

a. OCS (Complex Classification)

* Seven working days processing time per BIR Citizen’s Charter 2023 Edition

b. eCAR (Complex Classification)

* Seven working days processing time per BIR Citizen’s Charter 2023 Edition

For Donation of Properties Processing and Issuance transactions

a. OCS (Complex Classification)

* Seven working days processing time per BIR Citizen’s Charter 2023 Edition

b. eCAR (Complex Classification)

* Seven working days processing time per BIR Citizen’s Charter 2023 Edition

For Estate of the Decedent Processing and Issuance transactions

a. OCS (Highly Technical Classification)

* 20 working days processing time per BIR Citizen’s Charter 2023 Edition

b. eCAR (Complex Classification)

* Seven working days processing time per BIR Citizen’s Charter 2023 Edition

The above-mentioned total processing time is computed for each application. The procedures for releasing OCS and eCAR will still be the same as outlined in the Citizen’s Charter 2023 Edition.

Please be guided accordingly.

Source:

P&A Grant Thornton

Certified Public Accountants