RMC No. 34-2020: Suspends the running of the Statute of Limitations in the assessment and collection of taxes pursuant to Section 223 of the NIRC of 1997, as amended, due to the declaration of a National Emergency from the COVID-19 Situation

Summary

RMC No. 34-2020, issued March 30, 2020, suspends the running of the Statute of Limitations on assessment and collection of taxes under Section 223 of the NIRC of 1997, as amended, because of the COVID-19 National Emergency.

Key points

1. Nationwide suspension. The Statute of Limitations under Sections 203 and 222 of the NIRC is suspended nationwide. It starts March 16, 2020 and lasts until the State of National Emergency is lifted and for sixty (60) days afterward.
2. Assessment and collection acts. The suspension also applies to issuing and serving assessment notices, warrants, and enforcing or collecting deficiency taxes.

Deadlines and effectivity

• From March 16, 2020 until the lifting of the State of National Emergency 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.