Revised Procedure Governing Utilization of Tax Credit Certificates
Customs Memorandum Order No. 010-19 outlines the revised procedures for utilizing Tax Credit Certificates (TCC) in the Philippines. The original grantee or an authorized representative must submit a written request to the TCC Secretariat, including various supporting documents such as affidavits, invoices, and bills of lading. The request is then forwarded to the Collection Service and Financial Management Office for necessary certificates before being sent to the Commissioner for approval. Upon approval, the TCCs are triggered for use, and the District Collector evaluates the documentation before issuing the corresponding certification to the claimant. This order supersedes any inconsistent prior regulations and takes effect immediately.
Quick Answers
- What is Revised Procedure Governing Utilization of Tax Credit Certificates about?
- Customs Memorandum Order No. 010-19 outlines the revised procedures for utilizing Tax Credit Certificates (TCC) in the Philippines. The original grantee or an authorized representative must submit a written request to the TCC Secretariat, including various supporting documents such as affidavits, invoices, and bills of lading. The request is then forwarded to the Collection Service and Financial Management Office for necessary certificates before being sent to the Commissioner for approval. Upon approval, the TCCs are triggered for use, and the District Collector evaluates the documentation before issuing the corresponding certification to the claimant. This order supersedes any inconsistent prior regulations and takes effect immediately.
- What type of law is Customs Memorandum Order No. 010-19?
- Revised Procedure Governing Utilization of Tax Credit Certificates (Customs Memorandum Order No. 010-19) is a Philippine Other Rules and Procedures enacted by the Congress of the Philippines.
- When was Revised Procedure Governing Utilization of Tax Credit Certificates enacted?
- Revised Procedure Governing Utilization of Tax Credit Certificates (Customs Memorandum Order No. 010-19) was enacted on Feb 19, 2019.
- What is the citation for Revised Procedure Governing Utilization of Tax Credit Certificates?
- Revised Procedure Governing Utilization of Tax Credit Certificates, Customs Memorandum Order No. 010-19, Feb 19, 2019 (Philippines)
Law Information
- Reference Number
- Customs Memorandum Order No. 010-19
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Bureau of Customs
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 19, 2019
CUSTOMS MEMORANDUM ORDER NO. 010-19
| SUBJECT | : | Revised Procedure Governing Utilization of Tax Credit Certificates |
Pursuant to Customs Memorandum Order No. 41-2009, dated 2 October 2009, and the Customs Modernization and Tariff ACT (CMTA) of 2016, the following are the revised guidelines and procedure on the utilization of Tax Credit Certificates (TCC), to wit:
1. The original grantee of the TCC or the authorized transferee/representative must file with the TCC Secretariat a written request to utilize the TCC, attaching thereto the Affidavit of Authenticity, balance and no outstanding obligation, original TCC/s, Debit Memos if any, IEIRD copy, Bill of Lading/Airway Bill, Packing List, Invoice and other pertinent documents.
2. Upon receipt of the request with the complete supporting documents, the TCC Secretariat shall forward the same to the Collection Service for the issuance of a Certificate of "no outstanding balance," and to the Financial Management Office (FMO) for the issuance of a Certificate of Authenticity.
3. The Collection Service and the FMO shall return the said request with the required certificates and complete supporting documents to the TCC Secretariat for Consolidation.
4. After consolidating the aforesaid documents, the TCC Secretariat shall forward the same to the Commissioner for approval.
5. Upon approval of the Commissioner of the written request to utilize the TCCs, including the percentage of utilization (i.e., 50%, 70% or 100%), the FMO shall trigger the specific TCCs to be utilized and thereafter forward all documents to the concerned District Collector.
6. The Office of the District Collector shall evaluate the completeness of all documents before the issuance and release by the Cash Division of the corresponding BCOR to the claimant.
All rules and regulations inconsistent with this Order are hereby repealed, superseded or modified accordingly. DACcIH
This Order shall take effect immediately.
(SGD.) REY LEONARDO B. GUERREROCommissioner
Cite This Law
Revised Procedure Governing Utilization of Tax Credit Certificates, Customs Memorandum Order No. 010-19, Feb 19, 2019 (Philippines)
Revised Procedure Governing Utilization of Tax Credit Certificates, Customs Memorandum Order No. 010-19 (Phil. 2019)
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