Preparation of the List of Assets to be Prepared by the Revenue Officer for Cases Under Investigation/Verification and its Incorporation in the Data Warehouse

March 15, 2010 REVENUE MEMORANDUM ORDER NO. 026-10 SUBJECT : Preparation of the List of Assets to be Prepared by the Revenue Officer for Cases Under Investigation/Verification and its Incorporation in the Data Warehouse TO : All Internal Revenue Officers and Others Concerned I. Objectives This Order is issued to: 1. Institute a system for the development of a Data Warehouse that shall contain information on the assets of taxpayers subject of an investigation/verification that may be utilized in the collection enforcement proceedings that may be instituted against taxpayers in the future; and 2. Revive the preparation of BIR Form No. 1717L, renumbered as BIR Form No. 0804 (Revised July 1996), prescribed under RMO No. 4-95, that shall be submitted by all Revenue Officers (ROs) conducting audit of taxpayers. II. Policies and Procedures 1. In addition to the reporting requirements to be prepared and/or submitted in the audit/verification of internal revenue tax liabilities under a Letter of Authority (LA) or Tax Verification Notice (TVN), the Revenue Officer (RO) shall determine all the assets of a taxpayer being investigated, such as type of assets, location of the assets, bank accounts maintained, etc., and secure pertinent information thereof. 2. The List of Assets, business and personal, domestic and foreign, prescribed under BIR Form No. 0804 (Annex "A") shall be encoded by the RO within one (1) month from the date of service of the LA/TVN to the taxpayer following procedures to be prescribed by the Deputy Commissioner-Information Systems Group (ISG). The RO shall print one hard copy of the list to be attached to the docket of the case. 3. The Head of all Audit Offices shall monitor the compliance of the ROs on the encoding of the required List of Assets and attachment of a copy to the docket as prescribed in this Order. IHCSTE 4. The Deputy Commissioner-ISG shall develop the facility to allow the viewing of information on assets of taxpayers for use in the collection enforcement proceedings, if warranted. III. Repealing Clause All other issuances inconsistent herewith are hereby modified or repealed accordingly. IV. Effectivity This Order shall take effect immediately upon approval. (SGD.) JOEL L. TAN-TORRES Commissioner of Internal Revenue ANNEX A BIR FORM NO. 0804 LIST OF ASSETS Domestic and Foreign ________________________ (Name of Taxpayer) As of ____________________ Tax Identification Number (TIN): ________________ LA [ ] TVN [ ] No. _____ Address: ____________________________________ Tax Type: _____________ ___________________________________________ Taxable Year: __________ A. Used in Business Value (in Philippine Peso) Reference Size/Area Classification (Cost, if acquired by (OCT/TCT/ (No. of Units (e.g., Residential, purchase; zonal value Type CCT No. Location for Machinery Commercial, or fair market value, and/or Tax and Equipment) Agricultural, whichever is higher, if Declaration No.) etc.) by inheritance or donation) Real Land Properties Land and Building Others Machinery and Equipment (in detail) Type/Nature Account No. Name/Address of Bank Total Value of Account In Foreign In Pesos Cash on Hand Currency and in Bank Total Collectible Amount Type/Nature Name & Address of Debtor In Foreign In Pesos Currency Receivables Name/Address No. of Total Value Type/Nature of of Issuing Shares/ Value per Investment Company Units Share/Unit In Foreign In Pesos Investments Currency in Stocks, Bonds and Other Certificates Type of Motor Motor and Vehicle Engine Brand/Model Plate No./Registration No. Total Value (Land, Air, Number Water) __________ __________ ____________ _____________________ ____________ __________ __________ ____________ _____________________ ____________ Type Nature and Description Physical Location Value Other Business Assets B. Personal Value (in Philippine Peso) Reference Size/Area Classification (Cost, if acquired by (OCT/TCT/ (No. of Units (e.g., Residential, purchase; zonal value Type CCT No. Location for Machinery Commercial, or fair market value, and/or Tax and Equipment) Agricultural, whichever is higher, if Declaration No.) etc.) by inheritance or donation) Real Land Properties Land and Building Others (specify) Type/Nature Account No. Name/Address of Bank Total Value of Account In Foreign In Pesos Cash on Hand Currency and in Bank Type/Nature Name & Address of Debtor Total Collectible Amount In Foreign In Pesos Currency Receivables Type/Nature of Name/Address No. of Value per Total Value Investment of Issuing Shares/ Share/Unit In Foreign In Pesos Company Units Currency Investments in Stocks, Bonds and Other Certificates Type of Motor Motor and Vehicle Engine Brand/Model Plate No./Registration No. Total Value (Land, Air, Number Water) __________ __________ ____________ _____________________ ____________ __________ __________ ____________ _____________________ ____________ Type Nature and Description Physical Location Value Other Jewelry Assets Furnitures