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Revenue Regulation No.

10-98

Issued September 2, 1998 prescribes the regulations to implement RA No. 8424 relative to the imposition of
income taxes on income derived under the Foreign Currency Deposit and Offshore Banking Systems.
Specifically, interest income which is actually or constructively received by a resident citizen of the
Philippines or by a resident alien individual from a foreign currency bank deposit will be subject to a final
withholding tax of 7.5%. The depository bank will withhold and remit the tax. If a bank account is jointly in the
name of a non-resident citizen, 50% of the interest income from such bank deposit will be treated as exempt
while the other 50% will be subject to a final withholding tax of 7.5%. The Regulations will apply on taxable
income derived beginning January 1, 1998 pursuant to the provisions of Section 8 of RA 8424. In case of
deposits which were made in 1997, only that portion of interest which was actually or constructively received
by a depositor starting January 1, 1998 is taxable.

Revenue Regulation No. 8-98

Issued September 2, 1998 amends pertinent portions of Revenue Regulations Nos. 11-96 and 2-98 relative
to the tax treatment of the sale, transfer or exchange of real property. Specifically, the Capital Gains Tax
(CGT) Return will be filed by the seller within 30 days following each sale or disposition of real property.
Payment of the CGT will be made to an Authorized Agent Bank (AAB) located within the Revenue District
Office (RDO) having jurisdiction over the place where the property being transferred is located. Creditable
withholding taxes, on the other hand, deducted and withheld by the withholding agent/buyer on the sale,
transfer or exchange or real property classified as ordinary asset will be paid by the withholding agent/buyer
upon filing of the return with the AAB located within the RDO having jurisdiction over the place where the
property being transferred is located. Payment will have to be done within 10 days following the end of the
month in which the transaction occurred, provided, however, that taxes withheld in December will be filed on
or before January 25 of the following year.

Revenue Regulation No. 13-99

Issued September 14, 1999 prescribes the regulations for the exemption of a citizen or a resident alien
individual from the payment of the 6% Capital Gains Tax on the sale, exchange or disposition of his principal
residence. In order for a person to be exempted from the payment of the tax, he should submit, together with
the required documents, a Sworn Declaration of his intent to avail of the tax exemption to the Revenue
District Office having jurisdiction over the location of his principal residence within (30) days from the date of
the sale, exchange or disposition of the principal residence. The proceeds from the sale, exchange or
disposition of the principal residence must be fully utilized in acquiring or constructing the new principal
residence within eighteen (18) calendar months from the date of the sale, exchange or disposition. In case
the entire proceeds of the sale is not utilized for the purchase or construction of a new principal residence,
the Capital Gains Tax will be computed based on the formula specified in the Regulations.

If the seller fails to utilize the proceeds of sale or disposition in full or in part within the 18-month
reglementary period, his right of exemption from the Capital Gains Tax did not arise on the extent of the
unutilized amount, in which event, the tax due thereon will immediately become due and demandable on the
31st day after the date of the sale, exchange or disposition of the principal residence.

If the individual taxpayer's principal residence is disposed in exchange for a condominium unit, the
disposition of the taxpayer's principal residence will not be subjected to the Capital Gains Tax herein
prescribed, provided that the said condominium unit received in the exchange will be used by the taxpayer-
transferor as his new principal residence.

Revenue Regulation No. 14-2000

Issued December 29, 2000 amends Sections 3(2), 3 and 6 of RR No. 13-99 relative to the sale, exchange or
disposition by a natural person of his "principal residence".
The residential address shown in the latest income tax return filed by the vendor/transferor immediately
preceding the date of sale of said real property shall be treated, for purposes of these Regulations, as a
conclusive presumption about his true residential address, the certification of the Barangay Chairman, or
Building Administrator (in case of condominium unit), to the contrary notwithstanding, in accordance with the
doctrine of admission against interest or the principle of estoppel.

The seller/transferor's compliance with the preliminary conditions for exemption from the 6% capital gains
tax under Sec. 3(1) and (2) of the Regulations will be sufficient basis for the RDO to approve and issue the
Certificate Authorizing Registration (CAR) or Tax Clearance Certificate (TCC) of the principal residence sold,
exchanged or disposed by the aforesaid taxpayer. Said CAR or TCC shall state that the said sale, exchange
or disposition of the taxpayer's principal residence is exempt from capital gains tax pursuant to Sec. 24
(D)(2) of the Tax Code, but subject to compliance with the post-reporting requirements imposed under Sec.
3(3) of the Regulations.