We wish to brief our clients and friends
on REVENUE REGULATIONS NO. 8-98 relative to the Tax Treatment on
the Sale, Transfer or Exchange of Real Property and for this Purpose Revising
the Time and Place of Payment of the Capital Gains Tax Due Thereon.
These regulations shall take effect
fifteen (15) days after publication in a newspaper of general circulation.
Take note that the place of payment
of the capital gains tax or creditable withholding tax as well as the issuance
of the corresponding Tax Clearance (TCL) or Certificate Authorizing Registration
(CAR) is reverted back to Revenue District Office (RDO) of the place where
the property being transferred is located.