RMC No. 114-2023 — Temporary suspension of the opening of Escrow Account pursuant to RMO No. 29-2022

REPUBLIC OF THE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE

National Office Building Quezon City

October 16, 2023

REVENUE MEMORANDUM CIRCULAR NO. 14-3023

SUBJECT Temporary Suspension of the Opening of Escrow Account Pursuant to RMO No. 29-2022

TO All Internal Revenue Officers and Others Concerned

Seized/Levied Properties and Acquired Personal and Real Assets". "Policies and Guidelines in the Conduct of Public Auction of Distrained Personal Properties. This has reference to Revenue Memorandum Order (RMO) No. 29-2022 with subject

Offices regarding the procedures involved in the opening of an Escrow Account in relation to the auction sale of seized properties. It has been observed that several issues and concerns were raised by different Regional

provisions of RMO No. 29-2022, particularly on the policies and procedures on the Conduct of Auction Sale of Seized Properties (Distrained Personal Properties and Levied Real Properties). In this connection, please be informed that an RMO is being prepared to amend certain

concerned offices which shall conduct a public action sale of seized properties are advised to Further, procedures under RMO No. 29-2022 pertaining to Auction Sale of Acquired Assets shali coordination with all concerned Government Agencies and Offices is being undertaken. Al follow existing procedures under the Collection Manual of 2011, pursuant to RMO 28-2012. Still be in effect. Accordingly, the setting up of an escrow account is temporarily being suspended while

this Circular as wide publicity as possible. All internal revenue officials, employees and others concerned are hereby enjoined to give

BUREAU OF INTERNA REVENUE

arY JMAGUI. JR

J OCT 2 7 223 Co Kissioner of Internal Revenue 016766

RECORDS MGIPIVISION