Extension of Grace Period for Compliance with Revenue Regulations No. 2-98

May 20, 1998 DOF DEPARTMENT ORDER NO. 037-98 SUBJECT : Extension of Grace Period for Compliance with Revenue Regulations No . 2-98 Revenue Regulations No. 2-98, relative to the withholding on income subject to the expanded withholding tax and final withholding tax, withholding of income tax on compensation, withholding of creditable value-added tax and other percentage taxes, has provided that no penalties shall apply until May 15, 1998 for non-compliance with the new features of the National Internal Revenue Code as amended by RA 8424. Revenue Regulations No. 2-98, however, was published in the newspapers only on May 9, 1998 and copies have not been fully disseminated to the public. In view thereof, this Department Order is hereby issued directing the Bureau of Internal Revenue to extend the grace period for compliance with Revenue Regulations No. 2-98 to May 31, 1998. LexLib For immediate implementation. (SGD.) SALVADOR M. ENRIQUEZ, JR. Secretary