Period for Examination of Books of Accounts of Corporations Granted Tax Amnesty Under E.O. No. 41

July 13, 1987 BIR RULING NO. 200-87 24 000-00 200-87 Gentlemen : This refers to your letter dated May 25, 1987 requesting confirmation of your opinion to the effect that your client, Stolt Nielsen Philippines, Inc. (SNPI) who availed of the income and business tax amnesties under Executive Order No. 41 as amended by Executive Order No. 64 is immuned from the examination of its books of accounts and records for the fiscal year beginning December 1, 1985 and ending November 30, 1986. In reply, I have the honor to inform you that one of the immunities of a taxpayer availing of the tax amnesties under Executive Order No. 41, as amended by Executive Order No. 64 is that his books of accounts and other records for the tax years 1981 to 1985 shall not be subject to any examination for income and business tax purposes (Sec. 6, Executive Order No. 41; Sec. 3, Executive Order No. 64, Sec. 8, Revenue Regulations No. 14-86). In the case of the corporation on the fiscal year basis, fiscal years beginning on or after August 1, 1980 shall be considered as fiscal year 1981 and all fiscal years ending on or before June 30, 1986 shall be considered as fiscal year 1985 (Sec. 4(c), Revenue Regulations No. 14-86]. In other words, since the scope of the tax amnesty is from 1981 to 1985, fiscal year ending after June 30, 1986 is no longer within the coverage of the tax amnesty. adc In the instant case, the books of accounts and records of your client, which are subject of examination, cover the fiscal year beginning December 1, 1985 and ending November 30, 1986. In other words, said fiscal year ends after June 30, 1986. Accordingly, said books and records are not immune from examination. Very truly yours, (SGD.) BIENVENIDO A. TAN, JR. Commissioner