Abolition of the Assets, Liabilities & Networth Unit

April 20, 1976 REVENUE ADMINISTRATIVE ORDER NO. 01-76 SUBJECT : Abolition of the Assets, Liabilities & Networth Unit TO : All Concerned The Assets, Liabilities and Networth Unit was created under Revenue Administrative Order No. 2-75 principally for the purpose of ferreting out persons who "failed to comply with the requirements of PD 379 (assets and liabilities) in relation to PD 631," or specifically those who should have filed statements of assets and liabilities but did not. To carry out the above objective, it is necessary that a listing of filers under PD 379 be available as a point of reference. Inasmuch as up to now the statements of assets, liabilities and networth filed under PD 379 and the amnesty returns filed under PD 631 have not yet been fully processed, no accurate and complete listing can be made at present as basis for checking. Considering further the volume of work in the Data Processing Center and the priorities given to the listing of the 1975 income tax returns, particularly the processing of refundable returns, the processing of the statements of assets, liabilities and networth and the related amnesty returns filed under PD 631 cannot be completed until all these top priorities shall have been accomplished. Accordingly, the Assets, Liabilities and Networth Unit which cannot function effectively at present as envisioned under Revenue Administrative Order No. 2-75, due to the existing conditions abovementioned, is hereby abolished. In line with the efforts to achieve maximum utilization of manpower resources, the personnel composing the Unit will be re-assigned to the different units of the bureau in accordance with the staffing requirements. All documents now in the possession of the Unit should be turned over to the Tax Amnesty Implementation Officer. cdti EFREN I. PLANA Acting Commissioner TAN-1456-040-3