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We deliver value-added audit and assurance services to our clients, helping them manage their fiscal responsibilities with prudence and foresight.
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Audit approach overview
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Review engagement
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Other Related Services
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Tax advisory
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ProActive Hotline
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Accounting services
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Japan Desk
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Behind the Numbers: People of P&A Grant Thornton
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Fresh Graduates
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Emerging markets and shifting consumer demand are creating new opportunities in food and beverage, with business leaders investing in new products, markets,...
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Energy markets worldwide are undergoing major changes. P&A Grant Thornton can help you understand and navigate ensuing challenges and make sure you have the...
Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To truly go...
Across the globe, not for profit organisations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...
The outsourcing industry is one of the fastest growing sectors in the Philippines. Growth in the industry is at an annual average rate of 20%. The industry is...
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At P&A Grant Thornton, we’ll work with you to capitalise on all opportunities, manage the inherent risks the industry has to offer, and provide relevant...
Dynamic businesses need to move with speed and purpose if they want to capitalise on opportunities in hospitality and tourism. At P&A Grant Thornton, we know...
With operational cost, price competition, and currency volatility, pressure on profits continues to pile on retailers. Advancements in e-commerce are also...
Tax Notes
Issuance of eCAR for real properties under extrajudicial settlement
16 Oct 2018THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) 85-2018, clarifying the number of electronic certificates authorizing registration (eCARs) to be issued to taxpayers who submitted documents for transfer of real properties with the Land Registration Authority under an extrajudicial settlement.
By law, an extrajudicial settlement is the settling of an estate outside of court through a contract, which indicates how a deceased owner’s properties will be divided among the heirs as they see fit.
If the taxpayer simultaneously processes the extrajudicial settlement and the subsequent sale or donation of real properties, the BIR—through the One Time Transaction Team (ONETT)—must issue two eCARs: one for the extrajudicial settlement and another for the sale or donation. The taxpayer must simultaneously present the two eCARs to the Registry of Deeds to avoid the invalidation of the second transaction (the sale or donation of the real properties).
If the taxpayer separately processes the extrajudicial settlement and the subsequent sale or donation of real properties, the ONETT will still issue two eCARs.
The taxpayer has the option to pay the applicable taxes for both transactions at the same time to avoid incurring penalties and interest.
Please be guided accordingly.
As Published by SunStar Cebu dated 15 October 2018
Also appears under...