RR No. 9-2011 — Amend RR No. 3-2011 relative to the policie , guideline and procedure on the application for change in accounting period (Publi hed in Manila Bulletin on July 1, 2011) Dige t | Full Text

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE June 28, 2011 SUBJECT : REVENUE REGULATIONS NO. 9-2011 TO : AMENDMENT TO REVENUE REGULATIONS NO. 3-2011 PROVIDING FOR THE POLICIES, GUIDELINES AND PROCEDURES ON THE APPLICATION FOR CHANGE IN ACCOUNTING PERIOD UNDER SECTION 46 OF THE NATIONAL INTERNAL REVENUE CODE (NIRC) OF 1997, AS AMENDED All Revenue Officials and Others Concerned Section 1. SCOPE. - Pursuant to provisions of Sec 244 and 245 of the National Internal Revenue Code of 1997, as amended, in relation to Sec 46 of the same Tax Code, these Regulations are hereby promulgated to amend certain provisions of Revenue Regulations (RR) No. 3-2011 to include the Large Taxpayers Service. Section 2. DOCUMENTARY REQUIREMENTS. - Sec. 3 (1) of RR No. 3-2011 is hereby amended to read as follows: "Section 3. DOCUMENTARY REQUIREMENTS. � The following are the documentary requirements which must be submitted when seeking approval for change in accounting period: 1. Letter Request addressed to the Revenue District Officer or appropriate Large Taxpayers (LT) Office having jurisdiction over the place of business of the taxpayer, indicating: a. The original accounting period and the proposed new accounting period to be adopted; and b. The reasons for desiring to change the accounting period." Section 3. PROCESSING OF REQUEST FOR ISSUANCE OF CERTIFICATE GRANTING CHANGE IN ACCOUNTING PERIOD. - Relevant portions of Sec. 5 of RR No. 3-2011 are hereby amended to read as follows: "Section 5. PROCESSING OF REQUEST FOR ISSUANCE OF CERTIFICATE GRANTING CHANGE IN ACCOUNTING PERIOD A. APPLICATION AND PRE-EVALUATION BY THE REVENUE DISTRICT OFFICE or LT OFFICE 1

1. x x x 2. The Officer of the Day in the concerned RDO or LT Office shall pre-evaluate the application if it satisfactorily complies with the herein prescribed guidelines using the Action Sheet-Checklist of Requirements (Annex "B"). a. If found complete and in order, he shall then forward the application together with the supporting documents to the Revenue District Officer or LT Division Chief who, in turn, shall thoroughly evaluate the same. Otherwise, a Notice to Comply (Annex "C") shall be issued by the Revenue District Officer or LT Division Chief to the representative of the applicant corporation. b. If after the lapse of the period given in the Notice to Comply, the applicant fails to submit documents required, a Notice of Archiving (Annex "D") shall be issued by the Revenue District Officer or LT Division Chief. 3. x x x 4. For the Large Taxpayers Service, evaluation and preparation of certificates granting change in accounting period shall be done by the concerned LT Office. B. x x x C. APPROVAL OF CHANGE IN ACCOUNTING PERIOD AND ISSUANCE OF CERTIFICATES BY THE REGIONAL DIRECTOR OR Assistant Commissioner of Internal Revenue (ACIR), LARGE TAXPAYERS SERVICE 1. x x x 2. x x x 3. For taxpayers under the jurisdiction of the Large Taxpayers Service, the application for the issuance of Certificate Granting the Change in Accounting Period shall be signed by the ACIR, Large Taxpayers Service, if he finds the same in order. Otherwise, the application shall be returned to the concerned LT Office with a memorandum of its review findings and evaluation. 2

D. x x x 1. x x x 2. x x x 3. The Legal Division of the Revenue Region or the Large Taxpayers Service shall prepare the Certificates in three (3) copies to be issued and distributed as follows: Original - taxpayer's copy to be attached to the docket Duplicate copy - to the ACIR, Legal Service Triplicate copy - a. The Legal Division or the Large Taxpayers Service must ensure that the original copy of the signed Certificate bear the official dry seal of the Bureau before release to taxpayers to avoid invalidation of the same. b. The Legal Division or the Large Taxpayers Service shall maintain a permanent record book where the Certificate Granting the Change in Accounting Period Number, Applicant Corporation, and the Date of Issue." Section 4. REPEALING CLAUSE. � All revenue issuances or parts thereof inconsistent with these Regulations are considered revoked, repealed or modified accordingly. Section 5. EFFECTIVITY. � These Regulations shall take effect after fifteen (15) days from date of publication in a newspaper of general circulation. (Original Signed) CESAR V. PURISIMA Secretary of Finance Recommending Approval: (Original Signed) KIM S. JACINTO-HENARES Commissioner of Internal Revenue 3