BIR commits to facilitate processing of Tax Exemptions for Socialized Housing with SHFC –

QUEZON CITY- The Bureau of Internal Revenue (BIR) has entered into a Memorandum of Agreement (MOA) with the Socialized Housing Finance Corporation (SHFC), a subsidiary of the National Home Mortgage Finance Corporation (NHMFC), to facilitate the processing and issuance of Capital Gains Tax (CGT) Certificate of Tax Exemption for transfer of raw lands from landowner to Community or Homeowners Association intended for national government socialized housing projects under the Community Mortgage Program (CMP) of Republic Act (RA) No. 7279, otherwise known as the "Urban Development and Housing Act of 1992."

The MOA was signed today by BIR Commissioner Caesar R. Dulay and President Ma. Ana R. Oliveros, at the Commissioner's Office, BIR National Office Building, Diliman, Quezon City in the presence of SHFC Executive Vice-President Mr. Eduardo T. Monicio, Assistant Commissioner Marissa O. Cabreros and Head Revenue Executive Assistant (HREA) Larry M. Barcelo of the Legal Service and OIC-HREA Beverly S. Milo of the Client Support Service (CSS).

Under the Agreement, the BIR agreed to streamline, facilitate, prioritize and provide guidelines in the processing and issuance of the BIR Certificate of Tax Exemption (CTE) for transfer of raw land from the landowner to the Community or Homeowners Association to SHFC intended for socialized housing projects under CMP of R.A. 7279 and to also provide the corresponding assessment for the documentary stamp tax (DST) for its CMP projects.

SHFC on the other hand, will endorse the Community or Homeowner Association CTE application for CMP projects to the BIR thru the Office of the Commissioner and assist in the evaluation, verification, and certification of documentary requirements through its authorized officers.

President Ana Oliveros thanked Commissioner Dulay for being a partner of SHFC in looking for solutions to streamline the housing process and called the MOA signing as timely because it is in line with the International Women's Day and March, being Women's and Urban Development Housing Act (UDHA) Month "dahil ang pabahay ay isa sa mga pangarap ng mga kababaihan".

Both parties agreed to also hold regular consultations, to monitor the effectiveness of procedures and to address possible bottlenecks.

Source: Philippines Information Agency

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