Summary
RR No. 5-2012 establishes the policy on the binding effect of rulings issued before the effectivity of the Tax Reform Act of 1997.
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Key points
- No binding effect. All rulings issued prior to January 1, 1998 no longer have any binding effect.
- Limits on use. These rulings cannot be invoked as basis for any current business transaction. They also cannot be used as basis for securing legal tax opinions or rulings.
Who is affected
- Taxpayers relying on rulings issued prior to January 1, 1998
Deadlines and effectivity
- Rulings issued prior to January 1, 1998
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.