RMO No. 10-2001: Suspends temporarily the conduct of tax audit, examination, investigation and/or verification of taxpayer’s book of accounts, records and other transactions.

Summary

RMO No. 10-2001 temporarily suspends tax audit, examination, investigation and verification of taxpayers’ books of accounts, records and other transactions.

Key points

1. Cases not suspended: prescribing cases. Investigation of cases prescribing in year 2001 and service of Assessment Notices for cases prescribing in 2001 continue.
2. Cases not suspended: returns and clearances. Processing and verification of Estate Tax Returns, Donor’s Tax Returns and returns on sale of real property or shares of stocks continue, before the Tax Clearance and/or Certificate Authorizing Registration is issued. Examination of taxpayers retiring from business also continues.
3. Cases not suspended: refunds and protests. Verification and processing of all claims for refund and/or tax credits continue. So do requests for reinvestigation/reconsideration (protested tax cases).
4. Cases not suspended: approved audits. Cases approved by the Commissioner of Internal Revenue for audit continue, specifically tax fraud, policy cases and those by task forces directed by the Secretary of Finance.

Who is affected

• Taxpayers subject to audit, examination or investigation

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.