• BIR lifts audit suspension

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    THE Bureau of Internal Revenue (BIR) has lifted the suspension order against revenue officers conducting audits after the latest cash operations report (COR) of the Bureau of Treasury showed that the bureau’s collections contracted year-on-year in July.

    All field audit and other field operations of the BIR in connection with the examination and verification of taxpayers’ books of accounts, records and other transactions were suspended on July 1, 2016 by BIR Commissioner Caesar Dulay.

    On his first day in office, Dulay ordered that no field audit, field operations, or any form of execution of Letter of Authority (LOA) will be conducted except of those with validity expiring on or before October 30 this year.

    The order, however, allows the issuance of an LOA if there is processing and verification of estate tax returns, donor’s tax returns, capital gains tax returns and withholding tax returns on the sale of real properties or shares of stocks together with the documentary stamp tax returns related thereto.

    Tax collections by the BIR contracted year-on-year in July and fell short of the monthly target.

    Data showed that the agency collected P117.48 billion in tax revenues in July, down by one percent or P745 million from last year’s level.

    The bureau also missed its P163.22-billion collection goal for the month, falling short by P45.77 billion or 28 percent. MAYVELIN U. CARABALLO

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