The Bureau of Internal Revenue (BIR) has entered into a Memorandum of Agreement (MOA) with the Socialized Housing Finance Corp. (SHFC) to facilitate processing and issuance of capital gains tax certificate of tax exemption (CTE) 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) 7279 or the Urban Development and Housing Act of 1992.
The SFHC is a subsidiary of the National Home Mortgage Finance Corp. (NHMFC).
The MOA was signed on Thursday in Quezon City by BIR Commissioner Caesar Dulay and SHFC President Ma. Ana Oliveros.
The signing was witnessed by SHFC Executive Vice President Eduardo Monicio and Assistant Commissioner Marissa Cabreros, among others.
Under the agreement, the BIR agreed to provide guidelines in the processing and issuance of the bureau’s CTE for transfer of raw land from the landowner to the community or homeowners association to SHFC intended for socialized housing projects under the Community Mortgage Program.
It also agreed to provide the corresponding assessment for the documentary stamp tax for its CMP projects.
The SHFC, on the other hand, will endorse the community or the homeowners’ association’s CTE application for projects of the Community Mortgage Program to the BIR and assist in evaluation, verification and certification of documentary requirements through its authorized officers.
Oliveros thanked Dulay for being a partner of SHFC in looking for solutions to streamline the housing process.
He called the signing of the agreement as “timely” because it was signed in March, when the world marks International Women’s Day and the Philippines celebrates Women’s and Urban Development Housing Act Month.