Bir Escrow Agreement
In accordance with our agreement, you are now responsible for providing the full amount of the aforementioned deposit in trust, including its interest rate, to the M.__________ After the purchase or construction of your new home, submit to BIR all supporting documents of payment for the purchase of your new home. Once BIR has verified and accepted everything, you will receive a document that you will give to the bank so that they can release the trust amount to you. I will settle my client`s exemption from cgt. The documents you mentioned above have been filed and eCAR has been since last year pero di pa din narerefund ang geld ni kunde kasi bir is looking for the trust agreement which is napasa ko na noon sa kanila pero, it should have been returned to me upon release ecar e wala namang binalik. Now napakatagal ng hinahanap ng escrow copy sa files nila. More than a year na at wala pa din. What can I do? Please help us. In accordance with the provisions of Revenue Regulations No. 12-99, the taxable person receives the necessary postal notification, in which he is informed in writing of the above-mentioned facts, in order to enable him to present his page of the case through an informal conference and the necessary preliminary tax notification before the issuance of the formal tax notification. If, on that date, the deposited taxpayers` money is retained by the depositary bank, the total amount, including its interest, shall be used for the calculation of the taxpayer`s capital gains tax. At the time when the notice of taxation of the defects has become final and enforceable, the deposit, including its interest, expires and applies to the tax on the taxable person`s capital gains. The depositary bank shall be immediately informed of this measure and, at the written request of the agent or his duly accredited representative (ANNEX C to this Agreement), it shall remit the money to claim the taxable person`s tax debt.
If this is not sufficient to cover the total amount of the investment, the seller/heredary giver remains responsible for the balance of the tax. On the other hand, the excess of the deposit, if it exists, is immediately reimbursed by the bank to the seller/auditor, after the delegate or his duly authorized representative has approved it in writing. Once all the documents have been verified and accepted, the Bank will give you the trust agreement and bank certification for the deposited amount you will present to bir. However, provided that this account can be withdrawn at any time upon presentation of the “trust account release agreement” signed by the CIR or its authorized representative or the Revenue District Office (RDO), if the proceeds of the sale/assignment have been used within eighteen months from the date of the sale or transfer of the former principal residence for the acquisition or construction of a new principal residence, provided that the AAB gives at any time, upon written request of the RDO, this information on the amount of interest earned by the said bank deposit in the trust account; Step 2: Go to the BIR accredited bank that can perform the fiduciary service….