RMO No. 20-2004: Presents an erratum to RMO No. 18-2004 relative to the Bureau’s Centennial Taxpayers Recognition Program

Key points

1. Who is covered. Individual business income taxpayers who reported a net loss for tax year 2002 may qualify for the CTRP. They must meet, at the minimum, the fourth and fifth conditions required of all other taxpayers, plus the two conditions below.
2. Actual tax payment for 2003. The actual tax payment for tax year 2003 must be equal to or greater than one hundred twenty five percent (125%) of the Minimum Corporate Income Tax (MCIT) the taxpayer would have paid in tax year 2002 as a corporation.
3. Actual tax payment for 1st quarter 2004. The payment must be equal to or greater than one hundred twenty five percent (125%) of the taxpayer’s tax due for the first quarter of tax year 2003. That tax due cannot be less than twenty five percent (25%) of the aggregate of the 2003 tax payment under the preceding condition and any current creditable withholding tax included in computing it.

Who is affected

• Individual business income taxpayers who reported a net loss for tax year 2002

Deadlines and effectivity

• Tax year 2003 payments
• First quarter of tax year 2004 payments