Voluntary Assessment and Payment Program
The Bureau of Internal Revenue recently issued Revenue Regulations No. 18-2020 on Voluntary Assessment and Payment Program (VAPP). By availing the benefits under the VAPP, the taxpayer shall not be audited for 2018 for the tax types covered by the availment, and in case of pending audit, the issued Letter of Authority, Tax Verification Notice, Discrepancy Notice, Notice for Informal Conference, Preliminary Assessment Notice, Final Assessment Notice for pending cases shall be withdrawn and canceled. The VAPP is available until December 31, 2020, unless extended by the Secretary of Finance.