Modified Tax Assessments Procedures (RMC 102-2020 and RR 22-2020) Highlights Notice of Discrepancy (NOD) – The NOD aims to fully afford the taxpayer with an opportunity to present and explain his side on the discrepancy found. Discussion of Discrepancy (DOD) – Should not extend beyond 30 days from the receipts of NOD. It is duringContinue reading “Modified Tax Assessments Procedures”
Author Archives: Rey Lozada
SEC – Non-Imposition of Fines and Other Monetary Penalties for Non-Filing, Late Filing and Failure to Comply with Compulsory Notification and other Reportorial Requirements
The SEC issued MC No. 31 dated November 5, 2020, on the non-imposition of Fines and Other Monetary Penalties for Non-Filing, Late Filing and Failure to Comply with Compulsory Notification and other reportorial requirement like GIS and AFS.
Conversion of Corporations Either to One Person Corporation or to Ordinary Stock Corporation
The SEC has issued Memorandum Circular No. 27, series of 2020 on the Guidelines for the Conversion of Corporations either to One Person Corporation or to Ordinary Stock Corporation.
Due Process Requirement
BIR issued RR 22-2020 dated September 15, 2020 on Due Process Requirement in the issuance of a deficiency tax assessments.
On Related Party Transaction (RPT), DST and BIR Form 1709
References and Issuance RMC 76-2020 date issue July 29, 2020 RR 19-2020 date issue July 6, 2020 Cases and Citations CTA Case 9374, SMC vs BIR, May 3, 2019 CTA Case 9007, SMC vs BIR, April 19, 2017
On Letter Notice (LN)
Letter Notice (LN) is considered notice of audit or investigation as far as amendments of Returns. Once taxpayer received an LN, taxpayer can no longer amend tax returns in relation to the years covered by the LN. The guidelines provided under RMC 40-2003 in the issuance of LN has been upheld in the CTA CaseContinue reading “On Letter Notice (LN)”
On Reinvestigation and Reconsideration
The request for reinvestigation and reconsideration was in effect considered denied by CIR when the latter filed a civil suit for collection of defiency income tax. – CIR vs Union Shipping, G.R. No. L-66160, May 21, 1990.
On PAN
Revenue Regulation No. 12-99, September 6, 1999. 3.1.2 Preliminary Assessment Notice (PAN). If after review and evaluation by the Assessment Division, or by the Commissioner or his duly authorized representative, as the case may be, it is determined that there exists sufficient basis to assess the taxpayer for any deficiency tax or taxes, the saidContinue reading “On PAN”
On LOA
GR#222743, April 5, 2017Medicard vs CIR Highlights The absence of a LOA violated Medicars’ right to due process.An LOA is the authority given to the appropriate revenue officer assigned to perform assessment functions. It empowers or enables said revenue officer to examine the books of account and other accounting records of a taxpayer for theContinue reading “On LOA”
LLB and Associates 