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Batas Pambansa Bilang 700
AN
ACT AMENDING SECTIONS 318 AND 319 OF THE NATIONAL INTERNAL REVENUE
CODE,
AS AMENDED, SO AS TO REDUCE THE PERIOD OF LIMITATION FOR ASSESSMENT OF
INTERNAL REVENUE TAXES FROM FIVE (5) TO THREE (3) YEARS.
chan
robles
virtual law library
BATAS
PAMBANSA BILANG 700AN
ACT AMENDING SECTIONS 318 AND 319 OF THE NATIONAL INTERNAL REVENUE
CODE,
AS AMENDED, SO AS TO REDUCE THE PERIOD OF LIMITATION FOR ASSESSMENT OF
INTERNAL REVENUE TAXES FROM FIVE (5) TO THREE (3) YEARS.chan
robles
virtual law library
chan
robles virtual law librarySection
1. Section 318 of the National
Internal Revenue Code, as amended, is hereby amended to read as
follows:
"Sec.
318.Period of limitation upon assessment
and collection. — Except as provided in the succeeding section,
internal
revenue taxes shall be assessed within three years after the last day
prescribed
by law for the filing of the return, and no proceeding in court without
assessment for the collection of such taxes shall be begun after the
expiration
of such period: Provided, That in a case where a return is filed beyond
the period prescribed by law, the three-year period shall be counted
from
the day the return was filed. For the purposes of this section, a
return
filed before the last day prescribed by law for the filing thereof
shall
be considered as filed on such last day." chanrobles virtual law library
Sec.
2. Section 319 of the same
Code is hereby amended to read as follows: chanrobles virtual law library
"Sec.
319. Exceptions as to period
of limitation of assessment and collection of taxes. — (a) In the case
of a false or fraudulent return with intent to evade tax or a failure
to
file a return, the tax may be assessed, or a proceeding in court for
the
collection of such tax may be begun without assessment, at any time
within
ten years after the discovery of the falsity, fraud, or omission:
Provided,
That in a fraud assessment which has become final and executory, the
fact
of fraud shall be judicially taken cognizance of in the civil or
criminal
action for the collection thereof.chanrobles virtual law library
"(b) If
before the expiration of the time prescribed in the preceding section
for
the assessment of the tax, both the Commissioner and the taxpayer have
agreed in writing to its assessment after such time, the tax may be
assessed
within the period agreed upon. The period so agreed upon may be
extended
by subsequent written agreements made before the expiration of the
period
previously agreed upon. chanrobles virtual law library
"(c) Any
internal revenue tax which has been assessed within the period of
limitation
above-prescribed may be collected within three years following the
assessment
of the tax. chanrobles virtual law library
"(d) Any
internal revenue tax which has been assessed within the period agreed
upon
as provided in paragraph (b) hereinabove may be collected by distraint
or levy or by a proceeding in court within the period agreed upon in
writing
before the expiration of the three-year period. The period so agreed
upon
may be extended by subsequent written agreements made before the
expiration
of the period previously agreed upon. chanrobles virtual law library
"(e) Provided,
however, That nothing in the immediately proceeding section and
paragraph
(a) hereof shall be construed to authorize the examination and
investigation
or inquiry into any tax returns filed in accordance with the provisions
of any tax amnesty law or decree." chanrobles virtual law library
Sec.
3. The period of limitation
herein prescribed shall apply to assessments of internal revenue taxes
beginning taxable year 1984.
Approved:
April 5, 1984
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