Question & AnswerQ&A (BIR REVENUE REGULATIONS NO. 9-2011)
The purpose of BIR Revenue Regulations No. 9-2011 is to amend certain provisions of Revenue Regulations No. 3-2011 to include the Large Taxpayers Service and provide policies, guidelines, and procedures on the application for change in accounting period under Section 46 of the National Internal Revenue Code of 1997, as amended.
These regulations are promulgated pursuant to Sections 244 and 245 of the National Internal Revenue Code of 1997, as amended, in relation to Section 46 of the same tax code.
The documentary requirements include a Letter Request addressed to the Revenue District Officer or appropriate Large Taxpayers (LT) Office indicating the original accounting period and the proposed new accounting period to be adopted, and the reasons for desiring to change the accounting period.
The Officer of the Day in the concerned Revenue District Office (RDO) or Large Taxpayers (LT) Office is responsible for the pre-evaluation of the application using the prescribed guidelines and the Action Sheet-Checklist of Requirements.
A Notice to Comply shall be issued by the Revenue District Officer or LT Division Chief to the representative of the applicant, and if the applicant fails to submit the required documents within the given period, a Notice of Archiving will be issued.
The concerned Large Taxpayers Service (LT) Office evaluates and prepares certificates granting the change in accounting period for Large Taxpayers.
The Assistant Commissioner of Internal Revenue (ACIR), Large Taxpayers Service signs and approves the certificate if the application is in order. Otherwise, the application is returned to the LT Office with a memorandum of the review findings and evaluation.
Three copies are prepared: the original for the taxpayer, a duplicate to be attached to the docket, and a triplicate copy for the ACIR, Legal Service.
They must ensure that the original copy of the signed certificate bears the official dry seal of the Bureau to avoid invalidation.
They must maintain a permanent record book where the Certificate Granting the Change in Accounting Period Number, Applicant Corporation, and the Date of Issue are recorded.
These regulations took effect fifteen (15) days after publication in a newspaper of general circulation.
All revenue issuances or parts thereof inconsistent with these regulations are considered revoked, repealed, or modified accordingly.