RMO No. 25-2004: Extends the Centennial Taxpayers Recognition Program up to June 30, 2004 and expands the program to cover taxpayers using fiscal year reporting ending January 31, 2004

Key points

1. Late qualifiers. Besides the qualifications in earlier BIR issuances, taxpayers meeting the conditions below may still qualify as CTRP awardees and get last priority in audit.
2. Voluntary payment for the shortfall. They pay a CTRP voluntary payment covering the shortfall needed to reach the required growth rate in Income Tax payment, plus 20% per annum interest computed daily from 1 June 2004 to actual payment, not later than 30 June 2004.
3. Voluntary payment of at least 1%. They also pay a CTRP voluntary payment of not lower than 1% of tax due for annual Income Tax for tax year 2003 and Income Tax for the 1st quarter of tax year 2004, plus the same 20% per annum interest, not later than 30 June 2004.
4. January 31 fiscal year. Taxpayers on fiscal year reporting ending January 31, 2004 may pay their CTRP Voluntary Payments without any monthly incremental.

Who is affected

• Late-qualifying CTRP taxpayers
• Taxpayers with fiscal year ending January 31, 2004

Deadlines and effectivity

• CTRP extended until June 30, 2004
• Interest runs from 1 June 2004 to date of payment, not later than 30 June 2004