Tax bureau sets June 30 deadline for 'no audit' program

The Bureau of Internal Revenue (BIR) is giving taxpayers until June 30 to participate in a program that would exempt them from audit and investigations. Under the "No Audit Program" (NAP), delinquent taxpayers who want to avoid charges of tax evasion could voluntarily raise their tax remittances by 20 percent compared to that of the previous year. This would allow the BIR to collect taxes from delinquents without having to incur administrative costs of audits, investigations, and filing of court cases. On top of the NAP, the BIR is also implementing an enhanced voluntary assessment program that covers income tax; value added tax, percentage tax, excise tax, improperly accumulated earnings tax, documentary stamp tax, withholding tax, and capital gains tax. The enhanced program gives participating taxpayers the privilege of last priority in audit, provided they voluntarily rectify their erroneous tax returns from 2004 and prior taxable years, and pay the prescribed amount. Taxpayers who increase their tax payments by at least 20 percent and their taxes on one-time transactions by 120 percent would not be audited. Ongoing audit would automatically be suspended while letters of authority, audit notices, and letter notices would be withdrawn. - GMANews.TV