Summary
RMC No. 74-2020 amends and clarifies RMC No. 34-2020 on the suspension of the running of the Statute of Limitations.
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Key points
- Suspension period. The penultimate paragraph of RMC No. 34-2020 now suspends the Statute of Limitations under Sections 203 and 222 of the NIRC of 1997, as amended. The suspension runs from March 16, 2020 until the lifting of the ECQ, and for sixty (60) days after.
- Matters covered. The suspension also applies to the issuance and service of assessment notices and warrants, and to the enforcement or collection of deficiency taxes.
- Area of application. The Circular applies nationwide to areas placed under ECQ.
Who is affected
- Taxpayers in areas placed under ECQ
Deadlines and effectivity
- Suspension from March 16, 2020 until the lifting of the ECQ and for sixty (60) days thereafter
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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