REVENUE MEMORANDUM CIRCULAR NO. 47-2012 issued on August 22, 2012 informs the deadline for the filing of application for enrollment in the Value-Added Tax (VAT) Tax Credit Certificates (TCC) Monetization Program pursuant to the Department of Finance (DOF), Department of Budget and Management (DBM) and BIR Joint Circular No. 2-2012 dated May 31, 2012, to wit:
| Type of TCC | Filing Period |
|---|---|
| For revalidated and unexpired TCCs originally issued in 2002 and 2003 | July 17, 2012 up to September 1, 2012 |
| For unexpired and/or revalidated TCCs originally issued in 2004 until April 11, 2012 | July 17, 2012 up to October 17, 2012 |
The application for enrollment in the VAT TCC Monetization Program for VAT TCCs that were solely issued by the BIR shall be filed with the BIR VAT TCC-Issuing Office. The Application Form (Annex “A”) for enrollment can be downloaded from the BIR website at www.bir.gov.ph. by clicking the “Application for Enrollment to VAT Monetization Program” on the “What’s New” portion.
For VAT TCCs that were jointly issued by the DOF One-Stop-Shop Inter-Agency Tax Credit and Duty Drawback Center (OSS) and the BIR, the application for enrollment in the said Program shall be filed at the DOF-OSS Center and the application form can be downloaded from the DOF website at http://taxcredit.dof.gov.ph.
VAT TCC holders with applications for cash conversion of outstanding VAT TCCs pursuant to Section 204 (C) of the Tax Code that are still pending processing by the Bureau’s Collection Programs Division can still apply under the abovementioned Monetization Program by withdrawing the previously filed application for cash conversion from the said Office and filing a new application for enrollment to the said Program with the VAT TCC-Issuing Offices that were designated as the Receiving Offices for the Program’s Application for Enrollment