RMO No. 60-99: Extends the period for the payment of additional tax to meet the minimum amount prescribed under RR No. 2-99 to qualify for immunity from audit of 1998 Income, VAT and Percentage Tax returns

Summary

RMO No. 60-99 extends the period for paying additional tax to reach the minimum amount under Revenue Regulations No. 2-99, to qualify for immunity from audit of 1998 Income, VAT and Percentage Tax returns.

Key points

1. Extended payment period. The period for paying the additional tax needed to meet the prescribed minimum amount is extended.
2. Additional payments. The Order sets guidelines for accepting additional payments from taxpayers availing of the Economic Recovery Assistance Program (ERAP). These are taxpayers found to have paid the wrong amount when their application for Certificate of Immunity from Audit is processed.

Who is affected

• Taxpayers availing of the ERAP Program for 1998 Income, VAT and Percentage Tax returns

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