REVENUE MEMORANDUM CIRCULAR NO. 77-2014 issued on October 13, 2014 clarifies certain requirements on the processing of applications for cash conversion of Tax Credit Certificates (TCC).

          All applications for cash conversion of TCCs, which have been filed with the concerned BIR office that issued the said TCC before the expiration of the validity period, as indicated on the face of the TCC, shall no longer be required to be revalidated, for purposes of continuance of the processing of applications for TCC cash conversion.

         The processing of all applications for TCC cash conversion filed before the expiration of the validity period of the TCC with the TCC-issuing office and remained pending with and withheld by the concerned processing BIR office as of the date of expiration, shall proceed accordingly, whether for verification, approval or for payment, without the need for revalidation of the covered TCC.