Revenue Regulations No. 7 - 2006: Quezon City May 18, 2006

This document summarizes Revenue Regulations No. 7-2006 issued by the Bureau of Internal Revenue of the Philippines. The regulation further amends certain provisions of RR No. 6-2005, which implements the No Audit Program (NAP). Specifically, it extends the deadline for filing the NAP Participation Form for the 2005 qualification year to June 30, 2006. It also clarifies that taxpayers must file the form within 30 days of their statutory deadline for filing annual income tax returns. Once a taxpayer applies for the NAP, their tax returns and payments are considered final and they waive their rights to claim any refunds.

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Revenue Regulations No. 7 - 2006: Quezon City May 18, 2006

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REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE
BUREAU OF INTERNAL REVENUE

Quezon City
May 18, 2006

REVENUE REGULATIONS NO. 7 - 2006

SUBJECT:

Further Amending Certain Provision of Revenue Regulations

(RR) No. 6-2005, as Amended by RR 10-2005, Implementing
the Provisions of Executive Order No. (EO) 399, as Amended
by EO 422, Otherwise Known as the No Audit Program
(NAP).

TO:

All Internal Revenue Officials, Employees and Others Concerned.

SECTION 1. SCOPE. Pursuant to Section 244 of the National Internal Revenue Code of
1997 in relation to EO 399 as amended by EO 422, these regulations are hereby
promulgated to further amend certain section of RR 6-2005, as amended by RR 10-2005,
pertaining to the deadline in the filing of NAP Participation Form.

SEC. 2. DEADLINE FOR FILING. Section 9 of RR 6-2005, as amended by RR 102005, is hereby further amended to read as follows:
SECTION 9. DEADLINE.
A taxpayer must file a duly accomplished application form, together
with all its attachments, not later than thirty (30) days from the statutory
deadline for the filing of the annual income tax return for the year
subject of the application, or in the case of those taxpayers whose
statutory deadline for filing their annual income tax returns occurred
earlier than the date of the effectivity of these Regulations, their
application must be filed within thirty (30) days from the effectivity
thereof.
However, for 2005 qualification year, the NAP Participation Form of
the taxpayer, together with the required attachments, must be filed on or
before June 30, 2006.

All returns and payment made by a taxpayer who applied to participate

in the NAP are deemed final and conclusive, and by applying to
participate in the NAP, the taxpayer shall be deemed to have waived
all of his rights to claim any refund appertaining thereto.
Only taxpayers whose annual income tax returns were not amended
may apply to participate in the NAP. In the event the amount of taxes
paid shall not be sufficient to qualify a taxpayer for the NAP, he may
still qualify by making a voluntary payment in an amount not less than
the deficiency required for him to qualify. Provided, that said payment
shall be non-refundable nor deductible against his income. Provided,
further, that said voluntary payment shall form part of the base of the
year for which it was paid for purposes of determining his
qualification for NAP in the subsequent tax year.

SEC. 3. EFFECTIVITY CLAUSE. These Regulations shall take effect immediately

after publication hereof in any newspaper of general circulation.

(Original Signed)
MARGARITO B. TEVES
Secretary of Finance
Recommending Approval:
(Original Signed)
JOSE MARIO C. BUAG
Commissioner of Internal Revenue