REVENUE MEMORANDUM CIRCULAR NO. 22-2021 issued on February 18, 2021 prescribes the reportorial requirements on the exemption from the Documentary Stamp Tax (DST) relief for qualified loans pursuant to Revenue Regulations No. 24-2020

     Covered institutions, including but not limited to banks, quasi-banks, financing companies, lending companies, real estate developers, insurance companies providing life insurance policies, pre-need companies, entities providing in-house financing for goods and properties purchased, asset and liabilities management companies and other financial institutions, public and private, including the Government Service Insurance System (GSIS), the Social Security System (SSS) and Home Development Mutual Fund (Pag-IBIG Fund), shall submit in hard and soft copy, a summary of listing of all preexisting loans, pledges and other instruments as of September 15, 2020 (effectivity of RA No. 11494) which were granted extension of payment and/or maturity periods based on the format specified in the Circular

       The said summary of listing shall be submitted, in soft and hard copy, to the Revenue District Office (RDO)/Large Taxpayers Service (LTS)/Large Taxpayers District Office (LTDO) where the taxpayer is registered within sixty (60) days from December 31, 2020. Within 15 days from the date of receipt, the concerned RDO/LTS/LTDO shall submit a soft copy to the BIR National Office, through the Audit Information Tax Exemption and Incentives Division. The hard copy of the summary 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 summary list pertains to loans only.

         In case of failure to submit the summary listing required on the date prescribed therefor, there shall upon notice and demand by the Commissioner, be paid by the Covered Institution the additional DST that should have been imposed on the instrument under the Tax Code, as amended, plus administrative penalties incident to such failure.