Submission of Statement of Management Responsibility

Management holds primary responsibility for the annual income tax return and accompanying financial statements.
All taxpayers filing annual income tax returns under the National Internal Revenue Code must submit this statement.
The statement must include:
- A declaration of management's responsibility for information and representations in the annual income tax return.
- Acknowledgment of responsibility for information in accompanying financial statements covering the same reporting period.
- Affirmation regarding other tax returns filed during the reporting period (e.g., VAT, percentage tax, withholding tax, documentary stamp tax).
- Confirmation that audited financial statements and tax returns are complete and materially correct according to company records.
Management must affirm that: (a) The annual income tax return is prepared according to the National Internal Revenue Code and relevant regulations. (b) Any discrepancies between financial accounting and tax accounting are properly reported as reconciling items and maintained according to Revenue Regulations No. 8-2007. (c) All applicable tax returns are filed and taxes paid except those contested in good faith.
The statement must bear signatures of:
- Individual Taxpayer, President, and/or Managing Partner.
- Chief Executive Officer or equivalent.
- Chief Financial Officer or equivalent.
For foreign corporations with branches in the Philippines, the local manager in charge must sign the statement.

Any violation of these regulations is punishable upon conviction.
Penalties include fines, imprisonment, or both as prescribed by the National Internal Revenue Code.

Regulations apply to all Income Tax and Information Returns filed thereafter.
Existing conflicting rules, regulations, and issuances are modified, repealed, or revoked accordingly.
Regulations take effect 15 days after publication in a newspaper of general circulation in the Philippines.