10 Questions
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
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
Who can sign a waiver on behalf of a corporation?
Any of its responsible officials
What must be specifically indicated in the waiver?
The date of execution and the expiry date of the agreed period
What is the purpose of indicating the expiry date of the agreed period?
To specify the duration of the waiver's effectiveness
What is the minimum requirement for a waiver to be valid?
It must be in writing and signed by the authorized representative
What is the consequence of executing a waiver of statute of limitation?
The waiver takes legal effect and is binding on the taxpayer
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
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
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
This quiz covers the guidelines for executing waivers from the defense of prescription under the National Internal Revenue Code of 1997, as amended by Revenue Memorandum Order No. 14-2016. It discusses the form and validity of the waiver. Test your knowledge of this tax regulation!
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