Radio/Television and Broadcasting Stations Making Use of the Tax Offsetting Arrangements under the Terms and Conditions of P.D. 1362

April 3, 1992 REVENUE MEMORANDUM ORDER NO. 21-92 SUBJECT : Radio/Television and Broadcasting Stations Making Use of the Tax Offsetting Arrangements under the Terms and Conditions of P.D.1362 TO : The Regional Directors, Revenue District Officers and All Revenue Officials and Employees Concerned It is informed that radio/television and broadcasting stations, with the exception of ABS-CBN and Republic Broadcasting Stations, are not among those listed for investigation under the Special Operations Office and considering further that in all probability these entities are no longer enjoying tax exemptions by virtue of P.D. 1955, it is hereby directed that the necessary audit on aforesaid taxpayers be conducted to determine if income earned out of the arrangement contemplated under P.D. 1362 are returned for taxation, both income and business taxes. All reports on this audit should be forwarded directly to the National Assessment Office within thirty (30) days from its completion. (SGD.) JOSE U. ONG Commissioner of Internal Revenue