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Revenue Memorandum Order No. 14-2016

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Questions and Answers

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?

The date of execution and the expiry date of the agreed period Signup and view all the answers

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

To specify the duration of the waiver's effectiveness Signup and view all the answers

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

It must be in writing and signed by the authorized representative Signup and view all the answers

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

The waiver takes legal effect and is binding on the taxpayer Signup and view all the answers

What is the taxpayer's duty regarding the waiver?

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

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

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

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

The period earlier set may be extended Signup and view all the answers