IF there is one thing that taxpayers would like to avoid receiving from the Bureau of Internal Revenue (BIR), it is definitely a letter of assessment, which signifies that the taxpayer is subject to a tax audit or an investigation by the BIR.
IF there is one thing that taxpayers would like to avoid receiving from the Bureau of Internal Revenue , it is definitely a letter of assessment, which signifies that the taxpayer is subject to a tax audit or an investigation by the BIR. When confronted with such, taxpayers should be aware of their rights so that they can properly defend themselves from unwarranted assessments.
The BIR countered that substantial underdeclaration was enough, citing GR 221590 dated Feb. 22, 2017.Considering that the taxpayer filed its final adjusted income tax return for 2012 on May 29, 2014, relevant prevailing doctrine at the time of the assessment must be applied. Note that the BIR had until May 29, 2017, to assess the taxpayer.On May 10, 2014, in GR 193100, the Supreme Court ruled that substantial underdeclaration was enough to justify the 10-year period.
Of The BIR's 10-Year Prescriptive Period
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Online sellers tax seen boosting BIR revenuesTHE imposition of withholding taxes on online vendors could boost the revenue collection of the Bureau of Internal Revenue (BIR) and allow the agency to hit next year's target.
Read more »
SEC inks data-sharing deal with tax bureauTHE Securities and Exchange Commission (SEC) on Wednesday signed a data-sharing deal with the Bureau of Internal Revenue (BIR) and also launched five new digital services enhancing company registration.
Read more »
Customs bureau orders probe of 'vape recycling'THE Bureau of Customs (BoC) on Tuesday ordered an investigation into the alleged recycling and resale of seized vape products.
Read more »
Bureau of Immigration nabs 2 foreigners in BenguetTUBA, Benguet — An illegal alien and her supposed protector, also a foreigner, were arrested by agents of the Bureau of Immigration (BI) inside a posh subdivision here on Saturday.
Read more »
Advancing Agriculture: DA-Bureau of Plant Industry’s Initiatives Driving Food Security in the PhilippinesDefining the News
Read more »
BIR orders online marketplace operators to start taxing sellers | Reine Juvierre S. AlbertoTHE Bureau of Internal Revenue (BIR) has issued a circular ordering electronic marketplace operators to start the imposition of withholding taxes to sellers and merchants beginning July 15, 2024. Internal Revenue Commissioner Romeo D. Lumagui Jr.
Read more »