RR No. 16-2001: Extends further the deadline for availment of the Voluntary Assessment Program until December 15, 2001, and prescribes a more flexible manner of payment of the amount due thereon

Summary

RR No. 16-2001 extends the Voluntary Assessment Program (VAP) deadline for last priority in audit and investigation until December 15, 2001, and allows installment payment of the amount due.

Key points

1. Installment eligibility. Installment payment is allowed only if the VAP amount for each tax type exceeds P 5 Million.
2. Over P 5 Million to P 10 Million. The amount may be paid in two (2) equal monthly installments: 50% when filing the VAP application and 50% one month later.
3. Over P 10 Million. The taxpayer may be allowed three (3) equal monthly installments: 33.33% when filing the application and 33.33% in each of the next two months.

Who is affected

• Taxpayers availing of the VAP with an amount over P 5 Million for a tax type

Deadlines and effectivity

• VAP deadline extended until December 15, 2001

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