Procedure in the Setting up of Tax Credit Memos issued pursuant to Revenue Memorandum Order No. 35-74, dated July 1, 1974

May 5, 1975 REVENUE MEMORANDUM ORDER NO. 26-75 SUBJECT : Procedure in the Setting up of Tax Credit Memos issued pursuant to Revenue Memorandum Order No. 35-74, dated July 1, 1974 TO : All Internal Revenue Officers and Others Concerned I. The Tax Credit Memo Tax credit memos shall be prepared by the Accounting Division for the signature of the Commissioner of Internal Revenue pursuant to paragraph V of Revenue Memorandum Order No. 35-74, dated July 1, 1974. After approval by the Commissioner the docket of the case shall be forwarded to the Income Tax Division. The Income Tax Division shall number the said tax credit memo chronologically by prefixing it with the symbol C-1 and affixing to it the year when the memo is issued. Thus, if a claim for tax credit is approved by the Commissioner of Internal Revenue in 1975, the memo shall be numbered chronologically, as follows: TAXPAYER'S RECORD No. C-1-00001-75 The Income Tax Division shall keep a TAX CREDIT MEMO REGISTER for this purpose. Said register shall contain the following information: 1. Name of Taxpayer 2. Tan 3. Address of Taxpayer 4. Taxpayer's Record No. 5. Amount of tax credit; and 6 . Debits to such tax credit II. Tax Credit Notification After the entry made by the Income Tax Division in the Tax Credit Memo Register, the docket of the case shall be forwarded to the Management Planning Department for the issuance of the tax credit notification. The said tax credit notification with the original of the tax credit memo attached to it, shall then be delivered to the taxpayer. III. Tax Debit Memos After the release of the tax credit memo to the taxpayer, the docket of the case shall be forwarded to the Tax Accounts Division for the setting up of the memo in their records. The Tax Accounts Division shall then follow all existing procedures in issuing the tax debit memos to be used against the approved tax credit. The Tax Accounts Division shall, before releasing any tax debit memo pursuant to this memorandum order, notify the Income Tax Division of the issuance of such debit memo for the proper entry to be made in the TAX CREDIT MEMO REGISTER kept by the said Income Tax Division. IV. Disposition of docket The Tax Accounts Division shall, in accordance with paragraph VI of Revenue Memorandum Order No. 35-74, segregate from the docket the following documents: 1. Original income tax return, together with all the attachments; and 2. The three (3) quarterly returns and their attachments. The above documents shall be forwarded to the Data Processing Center for computer processing. The rest of the papers and documents in the docket shall be kept by the Tax Accounts Division in their files until after the full amount of the tax credit memo shall have been applied to the taxpayer's tax liabilities. Thereafter, the docket shall be forwarded to the Records Division for proper disposition. V. Effectivity The provisions of this Revenue Memorandum Order are effective immediately and all those concerned are enjoined to be guided accordingly. MISAEL P. VERA Commissioner of Internal Revenue TAN 1601-593-5