![[Ask the Tax Whiz] Clarifying some tax issues related to ONETT transactions](https://images.weserv.nl/?url=www.rappler.com%2Ftachyon%2F2026%2F09%2Fimage.jpeg&w=3840&q=75&output=webp&we)
PHThe article discusses One-Time Transactions (ONETT) in the Philippines, which involve specific types of financial activities such as the sale of real property, share transfers, donations, and estate property transfers. These transactions require compliance with tax regulations and documentation from the Bureau of Internal Revenue (BIR). The BIR can issue an Electronic Certificate Authorizing Registration (eCAR) even if Value-Added Tax (VAT) has not been paid, though this does not exempt the taxpayer from paying the VAT. Additionally, the tax classification of properties depends on the Tax Declaration rather than their actual usage, influencing taxes like Capital Gains Tax and Documentary Stamp Tax. The information is derived from Revenue Memorandum Circular No. 75-2026.
Bias read (Center): The article provides factual explanations regarding tax procedures and regulations set by the Bureau of Internal Revenue (BIR). It does not exhibit clear bias toward any political side, focusing instead on clarifying legal and procedural aspects of tax compliance. The content is informative and does
