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RMO No. 4-2007

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REVENUE MEMORANDUM ORDER NO. 5-2007 issued on April 16, 2007 prescribes the guidelines and procedures on the verification of 2005 tax returns by the Revenue District Offices. Tax Verification Notices (TVNs) shall be issued to cover the verification of all internal revenue taxes for 2005 only of taxpayers whose 2004 and 2005 Income Tax returns fall under any of the following criteria: a. “No Operation” tax returns; b. Exempt tax returns; and c. Tax returns reflecting “Net Loss” and/or “No Taxable Income”. If any of the above criteria is not present in both returns for taxable years 2004 and 2005, TVNs are not authorized to be issued pursuant hereto. TVNs shall be issued only when the duplicate copies of the 2004 and 2005 Income Tax returns are attached thereto. Verification of all cases shall be completed and the corresponding reports shall be submitted to the concerned Revenue District Officer (RDO) not later than June 15, 2007. The said reports must be transmitted for review to the Assessment Division on or before June 29, 2007. To monitor the cases issued herein, the concerned RDO shall report the issuance, status, assessments and collections on cases covered by TVNs in the following reports as prescribed under Revenue Memorandum Order (RMO) No. 11-2006 on the 2006 Audit Program of Revenue District Offices: Name of Report Reference a. Monthly Report of Tax Verification Notices Issued Annex C of RMO No. 11- 2006 b. Monthly Summary of Assessment and Collection Activities A.2 of Annex E of RMO No. 11-2006 c. Monthly Report of Cases Verified, Processed and Closed Covered by Tax Verification Notices Annex F of RMO No. 11- 2006 The number of this RMO shall be indicated in the aforementioned reports for TVNs specifically issued under this Order, and shall be submitted by all concerned offices.

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