Revenue Memorandum Order No. 14-2016
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Revenue Memorandum Order No. 14-2016

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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?

  • 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?

  • 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?

    <p>The date of execution and the expiry date of the agreed period</p> Signup and view all the answers

    What is the purpose of indicating the expiry date of the agreed period?

    <p>To specify the duration of the waiver's effectiveness</p> Signup and view all the answers

    What is the minimum requirement for a waiver to be valid?

    <p>It must be in writing and signed by the authorized representative</p> Signup and view all the answers

    What is the consequence of executing a waiver of statute of limitation?

    <p>The waiver takes legal effect and is binding on the taxpayer</p> Signup and view all the answers

    What is the taxpayer's duty regarding the waiver?

    <p>To ensure the validity of the waiver and submit it to the concerned revenue district officer</p> Signup and view all the answers

    What are the two material dates that need to be present on the waiver?

    <p>Date of execution by the taxpayer or its authorized representative and expiry date of the period waived</p> Signup and view all the answers

    What is the effect of executing a subsequent written waiver before the expiration of the previously set period?

    <p>The period earlier set may be extended</p> Signup and view all the answers

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