Manual Filing for Tax returns and tax payments can become inconvenient for real estate developers due to the large number of documents they need to submit. The Bureau of Internal Revenue (BIR) revealed a new online Electronic One-Time Transaction (eONETT) System in their Revenue Memorandum Circular (RMC) 10-2023 to help reduce the time required to file applications.
This announcement was released on January 26, 2023, and was focused on giving more convenient options in filling up ONETT Computation Sheets (OCS) and the Electronic Certificate Authorizing Registrations (eCAR). This new web-based system lets any taxpayer complete their ONETT transactions at any place so long as they have an internet connection.
The new system is ideal for real estate developers who are continuously selling real estate properties that comes with a vast amount of accumulated ONETT transactions. The BIR encourages these taxpayers to use the new eONETT system when securing their ONETT Computation Sheet/Electronic Certificate Authorizing Registration relative to the sale/transfer of real properties.
Additionally, the Bureau clarifies that while using these online services, it is also advisable to transfer payment electronically via the various ePayment channels they offer.