REVALIDATION OF TAX CREDITS

All Tax Credit Certificates (TCC) issued by the BIR prior to January 1, 1998 which remain unutilized or having a creditable balance as of said date must be presented for revalidation with the BIR on or before August 31, 1998. Newly revalidated TCCs and those issued starting January 1, 1998 will be valid within five (5) years from date of issuance.

The procedure for the revalidation of the TCC shall be as follows:

1. The taxpayer shall file a written application for revalidation with the Chief of the Appellate Division of the BIR. The original copy of the unutilized TCC, or that with a creditable balance, shall be surrendered for verification and cancellation.
2. The Appellate Division shall then prepare a Memorandum for approval or disapproval by the BIR Commissioner.
3. If the application for revalidation is approved, the BIR will issue a new TCC reflecting the unutilized amount or creditable balance of the TCC to be revalidated.

Previously-issued TCCs which were not revalidated shall be considered invalid and shall not anymore be allowed as payment for internal revenue tax liabilities of the taxpayer. The amount covered by the TCC shall revert to the General Fund of the Philippine government.

A refund check or warrant which remains unclaimed or uncashed within five (5) years from date of mailing or delivery shall be forfeited in favor of the Government and the amount thereof shall also revert to the government coffers. Revalidation is not allowed.