Supplementing Revenue Memorandum Order No. 33-81
Revenue Memorandum Order No. 18-82 • Bureau of Internal Revenue (BIR) Issuances • Revenue Memorandum Orders • May 28, 1982
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May 28, 1982 REVENUE MEMORANDUM ORDER NO. 18-82 SUBJECT : Supplementing Revenue Memorandum Order No. 33-81 TO : All Internal Revenue Officers and Others Concerned This will supplement Revenue Memorandum Order No. 33-81 regarding the issuance of certification authorizing transfer of title to real property acquired by banks through foreclosure sales, so as to include insurance and finance companies as among those juridical entities allowed to register foreclosure sales and the consolidation of title in their favor, without the immediate payment of the capital gains tax on the foreclosed real property. cd i Considering the similarities of the situations the banks, insurance and finance companies find themselves in with respect to the registration of foreclosure sales, the same conditions and limitations as well as the procedures for the application regarding issuance of the certification required by Section 34(h) of the National Internal Revenue Code, as amended, prescribed for banks pursuant to Revenue Memorandum Order No. 33-81 shall likewise be applied to insurance and finance companies. All are enjoined to comply with the provisions of this Order. RUBEN B. ANCHETA Acting Commissioner
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