20 Sep

BIR shortens the period for taxpayers to settle deficiency taxes

first_imgThe Bureau of Internal Revenue (BIR) has shortened the period for taxpayers to settle deficiency taxes.(MANILA BULLETIN)It scrapped the long process of informal conferences between revenue officers and the taxpayers in the settlement of tax debts and replaced it with the outright sending to the latter of the notice of discrepancy (ND).Taxpayers are granted 30 days upon receipt of the ND to present documentary evidence and explain the discrepancy.If the taxpayer is still found with discrepancy, the revenue officers (ROs) handling the case are required to issue the preliminary assessment notice (PAN) which will be eventually converted into final assessment notice (FAN), making the assessment demandable and executory.“Failure on the part of ROs to comply with the periods indicated herein shall be meted with penalty as provided by existing laws, rules and regulations,” stated Revenue Regulations No. 22-2020.Finance Secretary Carlos Dominguez III signed the regulations based on the recommendation of BIR Commissioner Caesar Dulay.Insiders said the bureau came out with the strict audit guideline to facilitate the collection of deficiency taxes which the government urgently needs to help fight the spread ofcorona virus.They noted that the old process of the never-ending informal conferences took months and even years to collect tax deficiencies. SIGN UP TO DAILY NEWSLETTERCLICK HERE TO SIGN-UPlast_img

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