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8box Solutions Inc.

4_20230710_150500_0001

Contact Number: 09369340340
Email: sales@8box.solutions

REVENUE MEMORANDUM ORDER NO. 30-2021 issued on November 2, 2021 amends the provisions of Revenue Memorandum Order Nos. 83-2010 and 13-2014, particularly on the recognition of absolutely forfeited properties in the National Government (NG) Books of Accounts.
          All absolutely forfeited real properties shall be recorded in the NG Books of Accounts of the Regional Finance Division after the lapse of the one-year redemption period, based on the fair value of these assets. The fair value of absolutely forfeited real properties shall be determined using the existing published value, which is the zonal value of these assets at the date of forfeiture.
           Absolutely forfeited properties with legal issues or encumbrances shall be disclosed in the quarterly Notes to Financial Statements (FS) with details on the fair value of these properties and the nature of said legal issues and encumbrances. An aging and breakdown of all absolutely forfeited real properties by classification shall be disclosed in the quarterly Notes to FS for the purpose of monitoring and immediate disposal of these properties.
             All Forfeited Properties Held for Sale shall be recorded in the NG Books using the account title Merchandise Inventory (Account Code 10401010) in accordance to COA Circular No. 2020-001 prescribing the Revised Chart of Accounts Updated 2019, Effective January 1, 2020, the details of which are specified in the Order.          
                Heads and Assistant Heads of BIR offices identified as content owners in Annex A of the Order shall ensure the regular and timely posting of updates on their assigned/owned information/contents in the BIR Website and/or BIR Employees Portal.
            The same policies, guidelines and procedures prescribed in RMO Nos. 31-2014 and 15-2017 relative to the regular updating/posting of the assigned/owned content (as specified in Annex A of the Order) shall be followed.