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Tuesday, December 27, 2005
Tax notes: Suspension of tax audit during the holidays
The Bureau of Internal Revenue has announced the traditional suspension of all audit and field operations during the holiday season. The suspension is effective from Dec. 19, 2005 to Jan. 8, 2006, except for the following cases:
1. Cases prescribing before June 30, 2006
2. Estate tax returns, donors tax returns, capital gains tax returns and withholding tax returns on sale of real properties and shares of stocks
3. Taxpayers retiring from business
4. Government agencies
5. “Privilege stores” or tiangges
6. Implementation of Enhanced Voluntary Assessment Program. (Revenue Memorandum Circular 71-2005)
(Source: Punongbayan & Araullo)
(December 27, 2005 issue)
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