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What is the primary purpose of Revenue Memorandum Order No. 14-2016?
What is the primary purpose of Revenue Memorandum Order No. 14-2016?
- To revise the guidelines for the execution of waivers from the defense of prescription (correct)
- To introduce a new tax assessment period
- To delegate authority to tax officials
- To amend the National Internal Revenue Code of 1997
What is the consequence of a taxpayer's failure to follow the prescribed forms of waiver?
What is the consequence of a taxpayer's failure to follow the prescribed forms of waiver?
- The waiver is valid as long as certain conditions are met (correct)
- The waiver is valid but subject to penalty
- The waiver is automatically invalidated
- The waiver is only valid for a limited period
Who can sign a waiver on behalf of a corporation?
Who can sign a waiver on behalf of a corporation?
- Any of its responsible officials (correct)
- Only the CEO or President
- Any authorized employee
- A designated tax agent
What must be specifically indicated in the waiver?
What must be specifically indicated in the waiver?
What is the purpose of indicating the expiry date of the agreed period?
What is the purpose of indicating the expiry date of the agreed period?
What is the minimum requirement for a waiver to be valid?
What is the minimum requirement for a waiver to be valid?
What is the consequence of executing a waiver of statute of limitation?
What is the consequence of executing a waiver of statute of limitation?
What is the taxpayer's duty regarding the waiver?
What is the taxpayer's duty regarding the waiver?
What are the two material dates that need to be present on the waiver?
What are the two material dates that need to be present on the waiver?
What is the effect of executing a subsequent written waiver before the expiration of the previously set period?
What is the effect of executing a subsequent written waiver before the expiration of the previously set period?
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