BIR REVENUE REGULATIONS NO. 6-2002, MAY 2, 2002

Concise Explanation: Revenue Regulations No. 6-2002 revokes Revenue Regulations No. 3-90 along with all related internal revenue issuances, including revenue rulings, that pertain to its implementation.
Key Definitions:
- Revenue Regulations No. 3-90: Prior regulations that provided specific tax privileges and incentives to certain taxpayers.
Important Requirements/Procedures:
- The revocation is effective immediately, indicating no transitional period for compliance.
Consequences:
- Withdrawal of privileges, incentives, and benefits previously granted under Revenue Regulations No. 3-90, including the last priority in audit for taxpayers.

Concise Explanation: The regulations take effect immediately upon adoption and impact the internal revenue tax returns of the taxable year 2002 and subsequent years.
Relevant Timeframes/Deadlines:
- Effective Date: May 02, 2002
- Applicability: Internal revenue tax returns for the taxable year 2002 and onwards.
Consequences:
- Taxpayers must comply with the new regulations for tax returns starting from the taxable year 2002, losing any previously held privileges under Revenue Regulations No. 3-90.

Concise Explanation: The regulations were officially adopted on May 02, 2002, with endorsements from the Secretary of Finance and the Commissioner of Internal Revenue.
Key Definitions:
- (SGD.) JOSE ISIDRO N. CAMACHO: Secretary of Finance endorsing the regulations.
- (SGD.) RENE G. BAAEZ: Commissioner of Internal Revenue recommending the approval of the regulations.

The enactment of BIR Revenue Regulations No. 6-2002 signifies a significant policy shift, revoking previous tax privileges under Revenue Regulations No. 3-90.
Taxpayers must be aware that all benefits and incentives associated with the revoked regulations have been withdrawn effective immediately.
Compliance with the new regulations is mandatory for all tax returns starting from the taxable year 2002.