August 18, 2020
REVENUE REGULATIONS NO. 21-20
| SUBJECT | : | Voluntary Assessment and Payment Program for Taxable Year 2018 Under Certain Conditions |
| TO | : | All Internal Revenue Officials, Employees, and Others Concerned |
SECTION 1. Purpose. — Pursuant to Section 244, in relation to Sections 6 and 204, and other pertinent provisions of the National Internal Revenue Code (NIRC) of 1997, as amended, these Regulations are hereby promulgated to provide for the policies, procedures, and guidelines in the implementation of Voluntary Assessment and Payment Program (VAPP) for the collection of additional tax revenues, which could otherwise be collected through audit and enforcement effort.
SECTION 2. Policy. — It is recognized that the country is currently battling against the Corona Virus Disease 2019 (COVID-19), which has caused global health emergency and resulted in severe economic and social ramifications. It has led the Government to implement various programs to help alleviate the suffering of our fellow countrymen and to respond to the needs of critically impacted industries heavily affected by the pandemic. In order to sustain these programs, extraordinary...
