REVENUE MEMORANDUM CIRCULAR NO. 47-2014 issued on May 30, 2014 publishes the full text of the Memorandum of Understanding (MOU) between the Bureau of Internal Revenue (BIR) and Home Development Mutual Fund (referred to as Pag-IBIG Fund) signed on May 12, 2014.

Through the said MOU, the BIR shall allow the Pag-IBIG Fund, with proper written authorization from the members/borrowers/ developers concerned, to file and remit the taxes payable by its members/borrowers/developers arising from their transactions with the Fund using the electronic BIR Forms (eBIRForms) or other modes of payment. The Bureau shall also assist in the computation of related taxes, submission of documents and verification of status of Pag-IBIG accounts through provision of a special lane for the issuance of the Certificate Authorizing Registration (CAR). The BIR shall also allow the Pag-IBIG Fund to secure, on behalf of its members/borrowers/developers, the CAR from BIR, if duly authorized for the purpose.

On the other hand, the Pag-IBIG Fund shall secure the proper authority from its members/borrowers/developers to file and remit the taxes, on their behalf, using eBIRForms or other modes of payment. The Fund shall also be responsible for the submission of complete documents and remittance of correct taxes to the BIR based on the evaluation of the transactions/documents filed on behalf of its members/borrowers/developers.

Both parties shall immediately form a Technical Working Group to study, identify and define the administrative, technical and other requirements to achieve the objective of the MOU.