REVENUE REGULATIONS NO. 16-2001 issued October 30, 2001 extends further the deadline for availment of the last priority in audit and investigation under the Voluntary Assessment Program (VAP) until December 15, 2001, and prescribes a more flexible manner of payment of the amount due. Payment for VAP availment may be done through installment payments, provided the VAP amount for each tax type exceeds P 5 Million. If the VAP amount is over P 5 Million but not more than P 10 Million, the same may be paid in two (2) equal monthly installments: 50% at the time of filing of the VAP application and 50% one month thereafter. If the VAP amount is over P 10 Million, the taxpayer may be allowed to pay the same in three (3) equal monthly installments: 33.33% at the time of filing of the VAP application and 33.33% each for the immediately succeeding two months.