RMO No. 45-98: Prescribes the policies, guidelines and procedures on the availment of compromise and/or abatement of tax liabilities for assessment notices issued on or before April 30,1998

Key points

1. Settlement authority. The Revenue Regional Approval Committee created under RMO No. 45-93, chaired by the Regional Director, may settle by compromise delinquent accounts for 1997 and prior taxable years. Basic taxes must not exceed P500,000.
2. 50% minimum. Collection must be at least 50% of the basic tax for assessment notices issued before January 1, 1997, including assessments of P 5,000 and below.
3. 100% minimum. Collection must be at least 100% of the basic tax for assessment notices issued from January 1, 1997 to April 30, 1998. The same applies to preliminary assessment notices issued by the Assessment Division of the Regional Office on or before April 30, 1998.

Who is affected

• Taxpayers with delinquent accounts for 1997 and prior taxable years, basic tax not exceeding P500,000

Deadlines and effectivity

• Covers assessment notices issued on or before April 30, 1998