Revolving Revenue Regulations No. 3-90 and All Other Internal Revenue Issuances Relative to its Implementation

May 2, 2002 REVENUE REGULATIONS NO. 06-02 SUBJECT : Revolving Revenue Regulations No. 3-90 and All Other Internal Revenue Issuances Relative to its Implementation TO : All Internal Revenue Officers and Others Concerned Pursuant to Section 244 in relation to Section 232 of the National Internal Revenue Code of 1997, this Regulations is hereby promulgated to revoke Revenue Regulations No. 3-90 and all other internal revenue issuances, including revenue rulings, relative to its implementation. SECTION 1 . Revocation . Revenue Regulations No. 3-90 is hereby revoked. Accordingly, the privileges, incentives and benefits of taxpayers, including that of the last priority in audit, under Revenue Regulations No. 3-90, are hereby withdrawn. SECTION 2 . Effectivity . This regulations shall take effect immediately and apply to internal revenue tax returns for the taxable year 2002 and subsequent years. (SGD.) JOSE ISIDRO N. CAMACHO Secretary of Finance Recommending approval: (SGD.) REN G. BAEZ Commissioner of Internal Revenue Published in Philippine Star on June 21, 2002.