RMC No. 32-2002: Specifies the immediate audit/verification and processing of 2001 and 2002 tax returns listed in the Circular

Key points

1. Estate, donor’s and capital gains returns. Estate/Donors Tax returns are covered. So are Capital Gains Tax returns, including Expanded Withholding Tax and Documentary Stamp Tax returns on the sale or transfer of real property and shares of stocks.
2. Retirement and reorganization. Returns of taxpayers retiring from business are covered. So are returns of taxpayers undergoing mergers, consolidations, split-ups, spin-offs and other types of corporate reorganizations.
3. Refund claims. Returns involving claims for tax credit/refund are covered.

Who is affected

• Taxpayers with covered returns for taxable years 2001 and 2002

Deadlines and effectivity

• Applies to taxable years 2001 and 2002
• Audit to be undertaken immediately