Revocation of Last Priority in Audit and Investigation

March 4, 1985 REVENUE MEMORANDUM CIRCULAR NO. 06-85 SUBJECT : Revocation of Last Priority in Audit and Investigation TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all concerned, published hereunder is the Memorandum dated 23 January, 1985 of the President to the Ministry of Finance and the Commissioner of Internal Revenue relative to the above subject: "23 January 1985 "MEMORANDUM TO: The Ministry of Finance The Commissioner of Internal Revenue "The last priority privilege in audit and investigation of returns embodied in a Presidential memorandum dated 27 January 1983, is hereby revoked as of taxable year beginning 1984, in view of the recommendation of the Bureau of Internal Revenue to terminate the same. cd "Accordingly, the traditional processes in the investigation of income and percentage tax returns of all taxpayers, shall apply. "(SGD) FERDINAND E. MARCOS President of the Philippines" In view thereof, the benefit of last priority in audit and investigation shall no longer be available starting taxable year 1984, and the usual selective audit procedures to determine priority in the examination of tax returns shall be followed and give effect. However, valid availment of the last priority privilege covering taxable years 1982 and 1983 shall be recognized respected. All internal revenue officials, employees and others concerned are hereby enjoined to give this Revenue Memorandum Circular the widest possible publicity. aisa dc RUBEN B. ANCHETA Acting Commissioner