RR No. 14-2011 — Amends certain provision of RR No. 5-2000, as amended, prescribing the regulations governing the manner of the issuance of Tax Credit Certificates and the conditions for their use, revalidation and transfer (Published in Manila Bulletin on August 5, 2011) Digest | Full Text

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE July 29, 2011 REVENUE REGULATIONS No. 14-2011 SUBJECT: Amending Certain Provision of Revenue Regulations No. 5-2000 as amended, Prescribing the Regulations Governing the Manner of the Issuance of Tax Credit Certificates, and the Conditions for their Use, Revalidation and Transfer. TO: All Revenue Officials, Employees and Others Concerned ____________________________________________________________________________ SECTION 1. SCOPE � Pursuant to provisions of Sec 244 and 245 of the National internal Revenue Code of 1997 (Tax Code), as amended, in relation to Sections 76, 112, 130, 135, 204 and 230 all of the same Tax Code, these Regulations are hereby promulgated to amend certain provisions of Revenue Regulations (RR) No. 5-2000, as amended. SECTION 2. ASSIGNMENT OR TRANSFER. � Section 4 of RR No. 5-2000, as amended is hereby modified to read as follows: "SEC. 4 ASSIGNMENT OR TRANSFER. � All Tax Credit Certificates (TCCs) issued by the BIR shall not be allowed to be transferred or assigned to any person." SECTION 3. REPEALING CLAUSE � The provisions of RR 5-2000 and all other issuances or portions thereof which are inconsistent with the provisions of these regulations are hereby repealed, amended or modified accordingly. SECTION 4. EFFECTIVITY. � This Regulations shall take effect after fifteen (15) days following its publication in any newspaper of general circulations or in the Official Gazette. Recommending Approval: (Original Signed) CESAR V. PURISIMA (Original Signed) Secretary of Finance KIM S. JACINTO-HENARES Commissioner of Internal Revenue Page 1 of 1