Summary
RR No. 7-2006 further amends RR No. 6-2005, as amended by RR No. 10-2005, on the deadline for filing the No Audit Program (NAP) Participation Form.
Key points
- Filing deadline. The application form and all attachments must be filed not later than 30 days from the statutory deadline for filing the annual ITR for the year covered. If that deadline fell before these Regulations took effect, the application is due within 30 days from their effectivity.
- 2005 qualification year. For the 2005 qualification year, the NAP Participation Form and attachments must be filed on or before June 30, 2006.
- Effect of applying. All returns and payments of a NAP applicant are deemed final and conclusive. By applying, the taxpayer waives all rights to claim any refund on them.
- Who may apply. Only taxpayers whose annual ITRs were not amended may apply.
- Voluntary payment. A taxpayer whose taxes paid are not enough to qualify may still qualify by a voluntary payment of not less than the deficiency. The payment is non-refundable and not deductible against income, and it forms part of the base of the year for which it was paid in determining NAP qualification in the next tax year.
Who is affected
- Taxpayers applying to the No Audit Program whose annual ITRs were not amended
Deadlines and effectivity
- File within 30 days from the statutory deadline for the annual ITR
- If that deadline came before effectivity: within 30 days from effectivity
- 2005 qualification year: on or before June 30, 2006
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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