Month: January 2024

TAX ASSESSMENTS A SEPARATE LETTER OF AUTHORITY (LOA) IS NEEDED FOR THE EXAMINATION OF OTHER TAXPAYERS. An LOA defines and limits the scope of audit and examination that revenue officers can undertake with respect to a particular taxpayer’s books of accounts and other accounting records for purposes of determining the tax

TAX ASSESSMENTS                        THE LAPSE OF THE AUDIT PERIOD DOES NOT RENDER THE SUBJECT LOA INVALID AND WILL NOT HAVE THE EFFECT OF REVOKING THE AUTHORITY GIVEN THEREUNDER TO THE CONCERNED RO. The revalidation of LOAs which should be done “for failure of the revenue officials to complete the audit within