8box Solutions Inc.


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

REVENUE REGULATIONS NO. 22-2002 issued on November 29, 2002 prescribes the rules in the sale or disposition of real estate obtained by the government in payment of taxes, penalties or costs arising under Section 216 of the Tax Code. All acquired/forfeited real properties transferred in the name of the Republic of the Philippines, having passed the one-year redemption period shall be converted into cash from the date of acquisition or forfeiture. The sale of said properties should be by sealed bids in a public auction to be witnessed by a representative from the Commission on Audit. Unless the Commissioner of Internal Revenue (CIR) provides otherwise, the Minimum Bid Price/Floor Price shall be the latest fair market value as determined by the CIR or the fair market value shown in the latest tax declaration issued by the provincial, city or municipal assessor, whichever is higher. Bidders shall be required to post a bond in cash or manager’s check in an amount representing ten percent (10%) of the minimum bid price at least one (1) day before the scheduled public auction. Anyone could bid except foreign nationals, corporate or otherwise, and those disqualified under existing laws, rules and regulations, including employees of the Bureau of Internal Revenue. Negotiated or private sale shall be resorted to as a consequence of failed public bidding for two (2) consecutive times.