REVENUE REGULATIONS NO. 28-2002 issued on December 20, 2002 extends further the period for the availment of the Voluntary Assessment and Abatement Program (VAAP), as well as prescribes the documents and conditions that may be required from taxpayers requesting for extension in installment payment. The deadline for the filing of the applications for VAAP availment and corresponding payments thereon for the taxes and taxable periods covered on voluntarily disclosed sales/receipts/income or taxable base is further extended until October 31, 2003 unless sooner revoked, subject to the right of the taxpayer to pay in installments. For taxpayers who have been sent Letter Notices (LNs), the deadline for the availment of VAAP shall be the date stated in the LN, unless extension is granted or a different deadline is approved by the Management Committee of the BIR. Provided, however, that all taxpayers with LNs with deadline fixed on or before December 16, 2002 may still avail of the VAAP until December 27, 2002, without additional penalties. Taxpayers receiving LNs shall pay the amounts as stated in the LNs computed pursuant to RR No. 12-2002, specifically on Income Tax, Value-Added Tax and Excise Tax. For other tax types, the amount payable shall be determined using the rules on voluntary disclosure. However, for availments starting January 2003, the amounts payable shall be imposed with a progressively increasing additional penalty of five percent (5%) every month. For those who will avail of the VAAP voluntarily (those without LN), the additional penalty is at a progressive rate of only two and one-half percent (2.5%) for every month. In case of default in installment payment, the same shall bear interest at the rate of twenty percent (20%) per annum. The interest shall be reckoned from the due date when the installment payment is supposed to be paid until actual payment, and shall be computed based on the diminishing balance of the VAAP amount as of the time of installment.