REVENUE REGULATIONS NO. 10-2001 issued September 10, 2001 amends RR No. 8-2001 relative to the period of availment of the Voluntary Assessment Program (VAP), additional benefits to taxpayers who availed of the VAP and clarification of some of the conditions for the availment thereof. A taxpayer who has availed of the VAP shall not be audited except upon authorization and approval of the Commissioner of Internal Revenue when there is strong evidence or finding of understatement in the payment of taxpayer’s correct tax liability by more than 30%. In case the taxpayer who has availed of the VAP has been subjected to tax audit, the VAP payment made shall be allowed as tax credit against the deficiency tax due, if any. In case there are returns filed in the current (covered) year, the VAP amount to be paid shall not be less than the highest amount computed in all of the conditions prescribed in the Regulations, and the actual additional unpaid tax due for the taxable period covered by the VAP availment as determined by the taxpayer. VAP availment of taxpayers subject to preferential tax rates under special laws shall be effected by paying a VAP amount equivalent to 20% of the tax due per return filed, or the additional unpaid tax for the covered year (as computed by the taxpayer) which has not been recognized or recorded in the books of accounts, whichever is higher. No payment of the VAP shall be allowed unless the corresponding unpaid tax liability has been paid. In cases where VAP is availed on refundable returns or on excess/erroneous payments where there is pending request for tax refund/credit, such availment shall not constitute an automatic approval of said refund or tax credit. Should the taxpayer insist on the grant of refund or tax credit, he may request that the tax type being claimed be processed/audited solely for purposes of the refund case. Individual taxpayers deriving mixed income, on the other hand, may choose to avail of VAP for compensation income alone, business income alone or both compensation and business income. The deadline for the availment of the VAP is October 31, 2001.