BIR Issues RR NO. 8-2020 Implementing Section 4(aa) of Bayanihan to Heal as One Act
The Bureau of Internal Revenue (BIR) releases Revenue Regulations (RR) No. 8-2020, pursuant to the provisions of Section 244 of the National Internal Revenue Code (NIRC) as amended, implementing the Section 4(aa) of Bayanihan to Heal as One Act.
Under the RR No. 8-2020, BIR declares the following shall implement a 30-day grace period for payment of all loans:
- All banks
- Financing companies
- Lending companies
- Financial institutions (public and private)
- Pag-IBIG Fund
These regulations cover all maturity periods of all loans, including but not limited to the following which falls due within the period of Enhanced Community Quarantine (ECQ) without incurring interest, penalties, fees or other charges:
- Motor Vehicle Loans
- Credit Card Payments
- Credit Restructuring
- Micro-lending including those obtained from pawnshops
No additional DST shall be imposed for credit extensions and restructuring, micro-lending, and those obtained from pawnshops during the period of ECQ.