Department of Finance
The Department of Finance (DOF) issued a Revenue Regulations (RR) No. 07-2018, 22 January 2018, which reinstates the provision for the preparation of a Notice of Informal Conference (NIC) in relation to the issuance of deficiency tax assessment.
The RR provides that the Revenue Officer shall notify the taxpayer of the BIR's preliminary findings through the NIC to afford the taxpayer with an opportunity to present his side and explanations of the case. The informal conference shall in no case extend beyond thirty (30) days from receipt of the notice.
If no agreements is reached after presenting the taxpayer's side, the concerned Revenue Officer shall endorse the case within seven (7) days from the conclusion of informal conference for the issuance of deficiency tax assessment.
The RR shall take effect 15 days after its publication in any newspaper of general circulation.
(RGM & Co.: The RR was published on 1 February 2018 in the Manila Bulletin)
Attached is the copy of the RR for your reference.
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