RMO No. 61-98: Prescribes the guidelines and procedures for the conduct of joint and coordinated examination of interrelated taxpayers covering all internal revenue taxes for taxable year 1997 and uninvestigated prior years

Summary

RMO No. 61-98 sets guidelines and procedures for joint and coordinated examination of interrelated taxpayers, covering all internal revenue taxes for taxable year 1997 and uninvestigated prior years.

Key points

1. Audit Team. An Audit Team will be created to audit large taxpayers and their related group of companies that will be identified.
2. Signing of documents. The Commissioner signs all Letters of Authority and Assessment Notices issued under the program. The Assistant Commissioner for Enforcement Service may sign the Authority to Accept Payment.
3. Time limit. All investigations must be completed and reported within six (6) months from issuance of the Revenue Special Order creating the Audit Team.

Who is affected

• Large taxpayers and their related group of companies

Deadlines and effectivity

• Investigations completed and reported: not later than six (6) months from issuance of the Revenue Special Order creating the Audit Team

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