8box Solutions Inc.


Contact Number: 09369340340
Email: sales@8box.solutions

REVENUE REGULATIONS NO. 18-2002 issued on November 15, 2002 amends RR Nos. 12 and 17-2002 relative to the implementation of the Voluntary Assessment Program (VAAP). Applications for VAAP Availment and the corresponding tax payments relative to voluntary disclosed sales/receipts/income or taxable base must be received not later than November 29, 2002, subject to the right of the taxpayer to pay in installment as provided in the Regulations. For taxpayers who have been sent Letter Notices (LNs) by the BIR, the deadline for availment of VAAP shall be the date stated in the LN, unless extension is granted or a different deadline is approved by the BIR Management Committee (BIR MANCOM). Taxpayers may request extension for installment payment of deficiency taxes under VAAP on the ground of financial incapacity by filing a written request to be approved by the Regional Director, subject to the following conditions: 1) taxpayer must submit a list of banks to which he maintains bank deposits/accounts; 2) taxpayers must submit/execute a waiver of bank secrecy of deposits thereby authorizing the BIR to inquire into bank accounts to verify claim of financial incapacity; 3) taxpayer must submit a written undertaking to pay the VAAP amount by installment within a period not exceeding six (6) months from the date of filing of VAAP-AF; and 4) taxpayer must issue postdated checks corresponding to the installment payments to be made. Should the BIR discover additional discrepancy, where the additional sales/revenues/tax base or overstatement in purchases, cost, tax credit or deduction discovered exceeds the amount voluntarily disclosed by thirty percent (30%) or more, the VAAP availment shall be considered null and void and the entire underdeclaration/discrepancy shall be subjected to the to the full force of the law.