Summary
RMO No. 25-2000, issued August 4, 2000, creates a Task Force to gather information and statistical data on certain industries for the Congressional Subcommittee Hearing on Ways and Means in aid of Legislation.
Key points
- Industries covered. The Project covers telecommunications, pre-paid card providers, and manufacturers of semi-conductor devices and other electronic components. It also covers banks, financing and pre-need companies, and airlines and shipping.
- Data to be requested. The Task Force requests relevant tax data or copies of tax information returns of the identified companies for taxable year 1999. It asks the LT Document Processing and Quality Control Division and the corresponding Revenue District Offices.
- Areas of analysis. The analysis covers each company’s gross profit ratio and the standard gross profit ratio for its industry. It also covers compliance with tax laws by each company and the industry, industry issues, and possible areas with tax potential.
Who is affected
- Companies in telecommunications, pre-paid cards, semi-conductors and electronic components, banks, financing and pre-need, airlines and shipping
Deadlines and effectivity
- Tax data for taxable year 1999
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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