Unformatted text preview: REPUBLIC OF THE PHILIPPINES
DEPARTMENT OF FINANCE
BUREAU OF FINANCE
Quezon City May 19, 2004
REVENUE REGULATIONS NO. 8-2004
SUBJECT : Revenue Regulations Implementing Sections 7( c), 204 (A)
and 290 of the National Internal Revenue Code of 1997 on
Compromise Settlement of Internal Revenue Tax Liabilities
Superseding Revenue Regulations Nos. 7-2001 and 30-2002.
TO : All Internal Revenue Officers and Others Concerned. SECTION 1. SCOPE AND OBJECTIVES. – Pursuant to Section 244 of the
National Internal Revenue Code of 1997 (Code), these Regulations are hereby
promulgated for the purpose of implementing Sections 7 ( c ), 204 (A) and 290 of the
same Code, superseding Revenue Regulations (RR) Nos. 7-2001 and 30-2002 and giving
an authority to the Commissioner of Internal Revenue to compromise the payment of
internal revenue tax liabilities of certain taxpayers with outstanding receivable accounts
and disputed assessments with the Bureau of Internal Revenue and the Courts.
BASIS FOR ACCEPTANCE OF COMPROMISE
SETTLEMENT. Sec. 3 of Revenue Regulations No. 30-2002 is hereby amended to read
“SEC. 3. BASIS FOR ACCEPTANCE OF COMPROMISE SETTLEMENT.
– The Commissioner may compromise the payment of any internal revenue tax on the
1. Doubtful validity of the assessment. – X
X X X (h) (i) 2. The assessment was issued within the prescriptive period for
assessment as extended by the taxpayer’s execution of Waiver of
the Statute of Limitations the validity or authenticity of which is
being questioned or at issue and there is strong reason to believe
and evidence to prove that it is not authentic; or
The assessment is based on an issue where a court of
competent jurisdiction made an adverse decision against the
Bureau, but for which the Supreme Court has not decided
upon with finality. X X X .” SECTION 3. REPEALING CLAUSE.- These Regulations supersede Revenue
Regulations Nos. 7-2001 and 30-2002. All other issuances inconsistent with the
provisions of these Regulations are hereby amended, modified or repealed accordingly.
SECTION 4. EFFECTIVITY. – The provisions of these Regulations shall take
effect after fifteen (15) days following publication in any newspaper of general
circulation except for cases the compromise of which have been confirmed by the
Secretary of Finance in which case these Regulations shall take effect immediately upon
publication. (Original Signed)
JUANITA D. AMATONG
Secretary of Finance Recommending Approval: (Original Signed)
GUILLERMO L. PARAYNO, JR.
Commissioner of Internal Revenue ...
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This note was uploaded on 12/07/2011 for the course TAXATION 101 taught by Professor Atty.phua during the Spring '11 term at University of the Philippines Diliman.
- Spring '11