April 1, 2020
REVENUE REGULATIONS NO. 08-20
| SUBJECT | : | Rules and Regulations Implementing Section 4 (aa) of Republic Act No. 11469, Otherwise Known as the "Bayanihan to Heal as One Act" |
| TO | : | All Internal Revenue Officers and Others Concerned |
SECTION 1. Scope. — Pursuant to the provisions of Section 244 of the National Internal Revenue Code (NIRC), as amended, the following Regulations are hereby promulgated to implement Section 4 (aa) of R.A. No. 11469, otherwise known as "Bayanihan to Heal as One Act," to wit:
(aa) Direct all banks, quasi-banks, financing companies, lending companies, and other financial institutions, public and private, including the Government Service Insurance System, Social Security System and Pag-Ibig Fund, to implement a minimum of a thirty (30)-day grace period for the payment of all loans, including but not limited to salary, personal housing, and motor vehicle loans, as well as credit card payments, falling due within the period of the Enhanced Community Quarantine without incurring interest, penalties, fees, or other charges. Persons with multiple loans shall likewise be...
