REVENUE MEMORANDUM CIRCULAR NO. 77-2007 issued on November 20, 2007 clarifies certain issues relative to Question and Answer No. 24 of Revenue Memorandum Circular (RMC) No. 69-2007 pertaining to the Tax Amnesty Program.

         The Circular presents the manner by which taxpayers who have received Letter Notices (LN) tagged as “SLSP/BOC Letter Notices” can avail of tax amnesty and the amount they need to pay on various scenarios illustrated in the Circular.

         For cases where taxpayer received two kinds of LN (TRS-LN or Consolidated BOC/SLSP LN), the basis of the tax amnesty amount shall be that LN which discrepancy/ies results to a higher increase in assets/networth.