Documentary Requirements for Application
- Letter request must be submitted to the Revenue District Officer (RDO) or appropriate Large Taxpayers (LT) Office.
- Letter must specify:
- The original accounting period and the proposed new accounting period.
- Justification for the change in accounting period.
Processing of Application
- Pre-evaluation of completeness by Officer of the Day using Checklist of Requirements (Annex B).
- Complete applications forwarded to RDO or LT Division Chief for thorough evaluation.
- Incomplete applications receive a Notice to Comply (Annex C).
- Failure to comply leads to Notice of Archiving (Annex D).
- For Large Taxpayers, evaluation and certificate preparation done by the concerned LT Office.
Approval and Issuance of Certificate
- Certificate approval authority:
- Regional Director or Assistant Commissioner of Internal Revenue (ACIR) for regular taxpayers.
- ACIR, Large Taxpayers Service, for large taxpayers.
- Disapproval results in return to LT Office with review memorandum.
- Legal Division or Large Taxpayers Service prepares the Certificates in triplicate:
- Original copy to the taxpayer.
- Duplicate copy attached to the docket.
- Triplicate copy to ACIR, Legal Service.
- Certificates must bear the official dry seal of the Bureau to avoid invalidation.
- Permanent record book maintained for issuance tracking including certificate number, applicant corporation, and date of issue.
Repealing Clause
- All inconsistent revenue issuances or parts thereof are revoked, repealed, or modified accordingly.
Effectivity
- Regulations take effect fifteen (15) days after publication in a newspaper of general circulation.
Authorities Involved
- Secretary of Finance adopts the regulations.
- Commissioner of Internal Revenue recommends approval.