BIR updates rules for one-time transactions

The BusinessWorld reported that the Bureau of Internal Revenue (BIR) has updated the rules for processing one-time transactions (ONETT) as part of efforts to standardize procedures and improve the issuance of computation sheets and electronic Certificates Authorizing Registration (eCAR).

Under Revenue Memorandum Order No. 17-2026, the BIR revised the ONETT processing guidelines involving the sale and donation of real property. The new order aims to streamline the issuance of eCARs and computation sheets, which are critical documents for tax clearance and property registration.

The revised guidelines are expected to reduce processing times and enhance transparency for taxpayers transacting real property sales or donations. The BIR said the update aligns with its ongoing digitalization initiatives to improve tax administration.