RMO No. 86-98 — Prescribes the policies relative to the payment of national internal revenue taxes in the form of Tax Credit Certificate Digest

REVENUE MEMORANDUM ORDER No. 86-98 issued November 23, 1998 prescribes the policies relative to the payment of national internal revenue taxes in the form of Tax Credit Certificate (TCC), under certain conditions, pursuant to Section 204 of the Tax Code of 1999. A TCC validly issued under the provisions of the Tax Code beginning January 1, 1998 may be used by its grantee in the payment of his internal revenue taxes, except his withholding tax liability. TCCs issued pursuant to the provisions of any law other than the National Internal Revenue Code, such as TCCs issued pursuant to the Omnibus Investment Code and the Tariff and Customs Code, may only be used subject to the limitations of the law and regulations under which the same has been issued.