REVENUE MEMORANDUM CIRCULAR NO. 74-2020 issued on July 22, 2020 amends and/or clarifies certain provisions of Revenue Memorandum Circular No. 34-2020 relative to the suspension of the running of the Statute of Limitations.
The penultimate paragraph of the said Circular is amended to read as follows:
“The cited provisions and stated circumstances therefore warrant the suspension of the running of the Statute of Limitations under Section 203 and 222 of the NIRC of 1997, as amended, for a period starting on March 16, 2020 until the lilting of the extreme community quarantine (ECQ) and for sixty (60) days thereafter. The suspension of the running of the Statute of Limitations shall likewise apply with respect to the issuance and service of assessment notices, warrants and enforcement and/or collection of deficiency taxes. This Circular shall apply nationwide on areas placed under ECQ.”