RR No. 16-2001: Extends further the deadline for availment of the Voluntary Assessment Program until December 15, 2001, and prescribes a more flexible manner of payment of the amount due thereon

Key points

1. Installment eligibility. Installment payment is allowed only if the VAP amount for each tax type exceeds P 5 Million.
2. Over P 5 Million to P 10 Million. The amount may be paid in two (2) equal monthly installments: 50% when filing the VAP application and 50% one month later.
3. Over P 10 Million. The taxpayer may be allowed three (3) equal monthly installments: 33.33% when filing the application and 33.33% in each of the next two months.

Who is affected

• Taxpayers availing of the VAP with an amount over P 5 Million for a tax type

Deadlines and effectivity

• VAP deadline extended until December 15, 2001