(Revenue Regulations No. 7-2018)
This Tax Alert is issued to inform all concerned taxpayers on the reinstatement of the Informal Conference stage as part of the due process requirement in the issuance of deficiency tax assessment.
Pursuant to Revenue Regulations No. 07-2018, a Notice for Informal Conference must be issued to the taxpayer prior to issuance of Preliminary Assessment Notice. Through the issuance of Notice for Informal Conference, the taxpayer shall be informed in writing of the discrepancy or discrepancies in his payments of internal revenue taxes.
The “Informal Conference” shall last for not more than 30 days from taxpayer’s receipt of the notice. If the taxpayer is still liable to deficiency taxes and the taxpayer is not amenable to the tax assessment after the “Informal Conference” stage, the BIR shall endorse the case for issuance of deficiency tax assessment within 7 days from conclusion of Informal Conference.
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