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Saving taxes 1 Reduce income tax rate from 35% to 25% What Poor People Can Learn from Rich People

0 Views 11/26/23
Aryel Narvasa
Aryel Narvasa
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YOUR OPTION WILL EXPIRE ON OCTOBER 31, 2023, 12 NOON.
1. BIR Letter of Authority: A document authorizing the BIR to inspect and examine taxpayer's records.
2. First Notice For Presentation of Books and Records: A reminder from the BIR to submit required documents for an audit.
3. Second and Final Notice For Presentation of Books and Records: A last chance to submit required documents for an audit, or face legal consequences.
4. To handle a BIR Subpoena Duces Tecum:
Review the subpoena carefully and identify the documents requested.
Gather the requested documents and ensure that they are complete and accurate.
Cooperate with the BIR by presenting the requested documents at the agreed-upon time and place.
5. Due Process from Notice of Discrepancies to Final Decision on Disputed Assessment
Notice of Discrepancies (NOD)
The NOD is the first notice that a taxpayer receives from the Bureau of Internal Revenue (BIR) if it finds that the taxpayer may be liable for deficiency taxes. The NOD will state the specific taxes and periods that the BIR believes the taxpayer has underdeclared or failed to declare.
The taxpayer has 30 days from receipt of the NOD to discuss the discrepancies with the BIR examiner. During the discussion, the taxpayer can provide any evidence or documentation to support its position.
Preliminary Assessment Notice (PAN)
If the BIR examiner is not satisfied with the taxpayer's explanation, the BIR may issue a PAN. The PAN will state the specific deficiency taxes that the BIR is assessing against the taxpayer, as well as the proposed penalties and interest.
The taxpayer has 30 days from receipt of the PAN to file a written protest. The protest must be filed with the BIR examiner who issued the PAN.
Formal Letter of Demand (FLD)
If the taxpayer does not file a protest or if the protest is denied, the BIR may issue an FLD. The FLD will demand that the taxpayer pay the deficiency taxes, penalties, and interest.
The taxpayer has 30 days from receipt of the FLD to pay the taxes or file a petition for reinvestigation/reconsideration with the Commissioner of Internal Revenue (CIR).
Final Decision on Disputed Assessment (FDDA)
If the taxpayer files a petition for reinvestigation/reconsideration and the CIR upholds the FLD, the CIR will issue an FDDA. The FDDA is the final decision of the BIR on the taxpayer's tax liability.
The taxpayer has 30 days from receipt of the FDDA to file an appeal with the Court of Tax Appeals (CTA).
Due Process
The BIR is required to provide due process to all taxpayers before assessing deficiency taxes. If the BIR fails to provide due process to a taxpayer, the taxpayer may be able to have the assessment overturned.
How to Protect Your Rights
If you receive a NOD, PAN, FLD, or FDDA, it is important to take action immediately to protect your rights. You should consult with a tax advisor to discuss your options.
Here are some tips:
Review the notice carefully and identify the specific taxes and periods that the BIR is assessing against you.
Gather any evidence or documentation that supports your position.
File a written protest.

馃IMPORTANT LEGAL NOTICE
Read our laws. Comprehend their meanings. Know their immediate and future effects. Apply them timely and consciously. This video explained how you may free yourself from tax ignorance and declare your independence and self-reliance today. For the record, ITS CONTENTS ARE FROM MY PERSONAL BELIEFS AND CONVICTION.

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