Redemption and Tax Rules on Foreclosed Assets

Ask AI

BIR REVENUE MEMORANDUM CIRCULAR NO. 58-2008: Redemption & Tax Rules on Foreclosed Assets

What do you want to know about the law?
Ask AI quickly gives answers based only on the current context to avoid mistakes. Always verify with the original text.

New Chat Started

Ask AI

Title Source: Supreme Court: Redemption and Tax Rules on Foreclosed Assets

Law: Bir Revenue Memorandum Circular No. 58-2008

Decision Date: Aug 15, 2008

BIR Revenue Memorandum Circular No. 58-2008 clarifies the timelines for the redemption period and tax obligations, including capital gains and documentary stamp taxes, for foreclosed real estate mortgages under the General Banking Law of 2000, specifying payment venues and conditions for both individual and juridical mortgagors.

END