Summary
RMO No. 22-2011 amends the Audit Criteria for Taxable Years 2009 and 2010 by setting the conditions for Last Priority for audit status under RMO No. 4-2011.
Key points
- Concurring conditions. To get Last Priority status, all of the following must concur: an Effective Income Tax Rate of 18%, an increase in Income Tax payment of at least 20% from the preceding year, full compliance with submission and reportorial requirements, and no Letter Notice issued against the taxpayer.
- What full compliance means. Reports such as the Summary List of Sales and Purchases and the Alphalist must have all required fields properly filled up.
Who is affected
- Taxpayers under the audit criteria for taxable years 2009 and 2010
Deadlines and effectivity
- Taxable Years 2009 and 2010
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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