Tax Notes

Voluntary Assessment and Payment Program for taxable year 2018

THE Bureau of Internal Revenue (BIR) recently issued Revenue Regulation No. 21-2020 to inform all concerned of the voluntary assessment and payment program (VAPP) of the BIR which can be availed by taxpayers for taxable year 2018 under certain conditions.

To collect additional tax revenues which will fund the government’s expenditures during the pandemic, the BIR is implementing VAPP for taxable year 2018. Under the program, qualified taxpayers may voluntarily pay additional taxes for the covered period, with or without an audit/investigation, and be entitled to certain privileges.

Please be guided accordingly.

Source:

P&A Grant Thornton

Certified Public Accountants

 

As published in SunStar Cebu, dated 16 September 2020