Special InTAX: February 2021 Issue 1 | Volume 3

InTAX is an official publication of R.G. Manabat & Co.'s Tax Group

InTAX is an official publication of R.G. Manabat & Co.'s Tax Group

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Bureau of Internal Revenue


The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 22-2021, 18 February 2021, to prescribe the reportorial requirements on the exemption from the Documentary Stamp Tax (DST) for qualified loans pursuant to Revenue Regulations No. 24-2020 dated 14 September 2020.

Covered Institutions* shall submit in hard and soft copy, a summary listing of all pre-existing loans, pledges and other instruments with granted extension of payment and/or maturity periods as of 15 September 2020 to their respective Revenue District Office/Large Taxpayer Service/Large Taxpayers District Office within sixty (60) days from 31 December 2020. Within 15 days from the date of receipt, the concerned Revenue District Office/Large Taxpayer Service/Large Taxpayers District Office shall submit a soft copy of the said summary listing to the BIR National Office through the Audit Information, Tax Exemption and Incentives Division (AITIED).

On the other hand, the hard copy shall be made under oath as to the completeness, truth and accuracy thereof and subject to post audit/verification by the BIR.

In case of failure to submit the required summary listing on time, the additional DST that should have been imposed on the instrument under the Tax Code, as amended, plus administrative penalties incident to such failure, shall be paid by the Covered Institution upon notice and demand by the BIR.


*Covered institutions under RR No. 24-2020 refer to all lenders, including but not limited to banks, quasi-banks, financing companies, lending companies, real estate developers, insurance companies providing life insurance policies, pre-need companies, entities providing in-house financing for goods and properties purchased, asset and liabilities management companies and other financial institutions under the supervision of the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), and the Cooperative Development Authority (CDA), public and private, including the Government Service Insurance System (GSIS), the Social Security System (SSS) and Home Development Mutual Fund (Pag-IBIG Fund).


Attached is the full text of the issuance.

Revenue Memorandum Circular No. 22-2021

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