Clarification on the Taxable Year Covered by Revenue Regulations No. 12-2013

04 October 2013

The Commissioner of Internal Revenue (“CIR”) has issued Revenue Memorandum Circular (RMC) No. 63-2013 dated 26 September 2013 to clarify the taxable year covered by Revenue Regulations (RR) No. 12-2013.

Under the RR, deduction of the expense will no longer be allowed notwithstanding payment of the deficiency withholding tax due thereon at the time of tax audit/investigation.

The CIR has issued the RMC to emphasize that the provision of RR No. 12-2013 shall apply to audit investigation for taxable year 2013.