REVENUE MEMORANDUM CIRCULAR NO. 29-2015 issued on May 19, 2015 publishes the full text of the Memorandum of Agreement (MOA) among the Department of Finance (DOF), Department of Justice (DOJ), Bureau of Internal Revenue (BIR) and Land Registration Authority (LRA).
     To achieve better monitoring and control over real property transactions, the Parties agreed to set up the infrastructure necessary to link BIR on one hand and LRA and its Registries of Deeds (RDs) nationwide on the other to enable the LRA and the RDs to verify all real property transfers against BIR clearances and simultaneously, to enable BIR to check that all of such transfers have corresponding BIR clearances.
     Based on the MOA, the BIR shall continue to perform its assigned functions pursuant to its mandate by:

1. 1. 1. 1. Issuing Certificates Authorizing Registration (CAR), whether taxable or tax-exempt transactions, to be presented as basis for the RDs to effect transfers;
         2. Furnishing reports on CAR issued and generated on-line to the RDs for on-line automated verification as to authenticity by LRA; and
         3. Receiving and matching the electronic report from LRA on the new number generated for the newly-issued TCT/CCT/OCT.

     The BIR shall also provide the necessary training to concerned personnel involved; ensure the implementation of a comprehensive information campaign to inform the public of the changes that shall be brought about by the automated verification process to be adopted by LRA and BIR; and take disciplinary action against BIR personnel violating the provisions of the MOA.
     The inter-agency committee contemplated in the BIR-LRA MOA, dated February 8, 2011, is expanded to include representatives from the DOJ and DOF and shall convene within fifteen (15) days from the signing of the Agreement to prepare the necessary implementing rules and regulations.