RMC No. 65-2023 — Amends Item VIII of RMC No. 19-2022 on the 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

REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE 3UH 0 8 2023 BUREAU OF INTERNAL REVENUE

REVENUE MEMORANDUM CIRCULAR NO. 65- 2O23

SUBJECT the Venue for the Issuance of Certificate Authorizing Registration Relative Amending Item VIII of Revenue Memorandum Circular No. 19-2022 on to Tax-Free Exchanges of Properties under Section 40(C)(2) of the National Internal Revenue Code of 1997, as Amended.

TO All Internal Revenue Officers and Others Concerned

Registration (CAR) with the concerned Revenue District Office (RDO). implementing the transaction covering tax-free exchanges of properties under Section 40(C)(2) of the National Internal Revenue Code (Tax Code) of 1997, as amended, prior ruling is not necessary. Instead, parties to the transaction may directly apply for the issuance of Certificate Authorizing Revenue Memorandum Circular (RMC) No. 19-2022 provides that for the purpose of

Registration (CAR), states: Item VIII of RMC No. 19-2022 on "Venue for the issuance of Certificate Authorizing

pursuant to the tax-free reorganization/exchange, the parties to the transaction shall jurisdiction over the place where the property is located, in case of a real property or in case of shares of stock, the RDO where the issuing corporation is registered. submit the documentary reguirements listed in Annex "B" hereof to the RDO having "For purposes of the issuance of the CAR for the transferred properties

shall be processed with the RDO having jurisdiction over the place where the shares of stocks situated in various locations covered by different RDOs, the CAR transferee corporation is registered. In case the transaction involves transfer of multiple real properties and/or

free exchange under Section 40(C)(2) of the Tax Code of 1997, as amended by CREATE, the date of transaction, and the substituted basis of the properties subiect The CAR should specify, among others, that the transaction involved is a tax-

therefor.

RMC No. 19-2022 is hereby amended to read as follows: monitor transactions under Section 40(C)(2) of the Tax Code of 1997, as amended, Item VfII of Doing Business and Efficient Government Service Delivery Act of 2018", and to properly In compliance with Section 5 of Republic Act No. 11032. also known as the "Ease o

AUTHORIZING REGISTRATION (CAR): "VIH. VENUE FOR THE ISSUANCE OF THE CERTIFICATE

FOR PURPOSES OF THE ISSUANCE OF TRANSFERRED PROPERTIES PURSUANT REORGANIZATION/EXCHANGE, DOCUMENTARY REOUIREMENTS LISTED IN ANNEX "B" HEREOF TRANSACTION SHALL. I ALL THE CASES. PARTHES THE CAR FOR THE TOTHE SUBMIT TAX-FREE TO THE THE

LT) OFFICE HAVING JURISDICTION OVER THE PLACE WHERE TO THE REVENUE DISTRICT OFFICE RDOYLARGE TAXPAYERS

BUREAU OF INTERNAL REVENUE NNDTNT 10:49 0mT JUN 08 2UZ33

RECordS MGt. diVISiON GyGI

THE TRANSFEREE/SURVIVING CORPORATION IS REGISTIERED SHARES OF STOCKS INVOLVED IN A TRANSACTION, AND WHETHER OR NOT, THOSE PROPERTIES ARE SITUATED IN VARIOUSLOCATIONSCOVEREDBYDIFFERENT REGARDLESS OF THE NUMBER OF REAL PROPERTIES AND/OR OFFICES. RDOs/LT

of this RMC are hereby amended and revoked accordingly. All existing rules and regulations or parts thereof which are inconsistent with the provisions

This Circular shall take effect immediately.

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

Commtssioner of Internal Revenue ROMEO 009227 .LUMACUI, JR

K-I

BUREAU OF INTERNAL REVENUE nntty JUN O 8 ZOZ3j tya nm

RECORDS MGT. DIVISION VGI 1

I7f TEIM

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