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Tuesday, July 25, 2006
Tax notes: Tax credit certificates revalidation program
Pursuant to Department Order 20-06, the Bureau of Internal Revenue (BIR), the Bureau of Customs (BOC) and the One-Stop Shop Inter-Agency Tax Credit and Duty Drawback Center (OSS-Center) are directed to conduct a special revalidation of all outstanding tax credit certificates (TCCs).
The revalidation program covers all outstanding and existing certificates, namely:
(a) those issued solely by the BIR pursuant to the National Internal Revenue Code, special laws, international agreements and final judicial orders;
(b) those issued solely by the BOC under the Tariff and Customs Code of the Philippines and in accordance with the final judicial orders;
(c) those issued solely by the OSS-Center under Executive Order 226 otherwise known as The Omnibus Investment Code of 1987, and other existing laws and issuances;
(d) those jointly issued by the OSS-Center and the BIR under Section 112 of the National Internal Revenue Code; and,
(e) those jointly issued by the OSS-Center and the BOC under Sections 106 (b) and (c) of the Tariff and Customs Code of the Philippines.
Under this new directive for special revalidation, all outstanding TCCs shall be deemed retired or cancelled effective Aug. 1.
The holders are given five months–from Aug. 1 to Dec. 31–within which to file their applications for revalidation with the government agency responsible for the issuance of TCCs. (Source: Punongbayan & Araullo)
For Bisaya stories from Cebu. Click here. (July 25, 2006 issue)
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