Deadline in Payment of CGT

Q: When is the reckoning date for the payment of capital gains tax?

A: For both large and non-large taxpayers, the withholding tax return, whether creditable or final, shall be filed and payments should be made, within ten (10) days after the end of each month, except for taxes withheld for the month of December of each year, which shall be filed on or before January 15 of the following year; and except for the final capital gains tax on the sale or other onerous disposition of real property considered as capital asset which must be taken/withheld from the seller by the buyer and remitted within thirty (30) days from the date of notarization of the transfer document to the collecting agent of the RDO having jurisdiction over the place where the property is located. Hence, the reckoning date for the payment of capital gains tax is, not the date of bidding, payment nor issuance of certificate of award, but the date of notarization of the transfer document or in this case, the Deed of Sale.

(BIR Ruling [DA-(C-027) 112-10], June 25, 2010)