RMC No. 72-2020 — Amends Revenue Memorandum Circular No. 36-2020 relative to the removal of requirement for submission of photocopies of documents evidencing credit extensions and credit restructurings granted by covered institution during ECQ Digest | Full Text

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL RE\MNUE Date' .lUL Xl2020 a- REVEr\,E MEM,RANDUM .TRCULAR No. ? g-o aD SUBJECT: AMENDTNG REVENUE MEMORANDUM CIRCULAR NO. 36-2020 TO: ALL REVENUE OFFICERS, EMPLOYEES AND OTHERS CONCERNED This Circular is hereby issued to amend Revenue Memorandum Circular (RMC) No. 36-2020, particularly Part C thereof, to remove the requirement of submission of photocopies of documents evidencing credit extensions and credit restructurings granted by covered institutions during the enhanced community quarantine (ECQ). Part C of RMC No. 36-2A20 shall now read as follows: ..C. REPORTORIAL REQUIREMENTS covered institutions, including but not limited to banks, quasi-banks, financing companies, lending companies, and other financial institutions, public and private, including the Government Service Insurance System, Social Security System and Pag-IBIG Fund, shall submit, in hard and soft copy, a summary listing of all pre- existing loans, pledges and other instruments as of March lT,zozo (commencement date of ECQ) which were granted extension of payment and/or maturity periods based on the following format: Name of Taxpayer Summary Listing of Pre-Existing Loans, Pledges and Other Instruments with Granted Extension of Payment and/or Maturity periods as of March 17,2020 Type of Date of Loan Document Original Extended Payment Amount of Instrument Agreement/Promissory Reference Payment Deadline/Maturity LoanlPledge Note, Pledges, etc. Number Deadline Period (Account Maturity ID/Reference Period ID, as applicable) The above-mentioned summary listing shall be submitted to the Revenue District Office/Large Taxpayers Service/Large Taxpayers District Office where the '/l i }t

,t taxpayer is registered within sixty (60) days from the lifting of the ECQ. The hard copy of the above summarT listing shall be made under oath as to the completeness, truth and accuracy thereof by a duly authorized officer or representative of the taxpayer, and subject to post audit/verification by the BIR whether the summary list pertains to qualified loans only." All internal revenue officers, employees, and others concerned are hereby enjoined to give this Circular as wide a publicity as possible. -lW V CAESARR. DULAY Commissioner of Internal Revenue 035875 K-1 i{EC*trD$ rufi"1. il