RMO No. 26-2010: Prescribes the policies and procedures in the preparation of the List of Assets by the Revenue Officer for cases under investigation/verification and its incorporation in the Data Warehouse

Key points

1. Determining assets. On top of the usual reporting requirements for audits under a Letter of Authority (LA) or Tax Verification Notice (TVN), the Revenue Officer determines all assets of the taxpayer under investigation, such as type, location and bank accounts, and gets the pertinent information.
2. List of Assets. The List of Assets covers business and personal assets, domestic and foreign, and is prescribed under BIR Form No. 0804. The Revenue Officer encodes it following procedures to be prescribed by the Deputy Commissioner-Information Systems Group (ISG).
3. Viewing facility. The Deputy Commissioner-ISG develops a facility to view taxpayer asset information for use in collection enforcement proceedings, if warranted.

Who is affected

• Revenue Officers handling cases under an LA or TVN
• Deputy Commissioner-Information Systems Group

Deadlines and effectivity

• List of Assets encoded within one (1) month from the date of service of the LA/TVN