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MGA BATAS PAMBANSA
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BATAS PAMBANSA BILANG. 700BATAS PAMBANSA BLG. 700 - AN ACT
AMENDING SECTIONS 318 AND 319 OF THE NATIONAL INTERNAL REVENUE CODE, AS
AMENDED, SO AS TO REDUCE THE PERIOD OF LIMITATION FOR ASSESSMENT OF
INTERNAL REVENUE TAXES FROM FIVE (5) TO THREE (3) YEARS
Section 1.
Sec. 318 of the National Internal Revenue Code, as amended, is
hereby amended to read as follows:
"Sec. 318.
Period of limitation upon assessment and collection. — Except as
provided in the succeeding section, internal revenue taxes shall be
assessed within three years after the last day prescribed by law for
the filing of the return, and no proceeding in court without assessment
for the collection of such taxes shall be begun after the expiration of
such period: Provided, That in a case where a return is filed beyond
the period prescribed by law, the three-year period shall be counted
from the day the return was filed. For the purposes of this section, a
return filed before the last day prescribed by law for the filing
thereof shall be considered as filed on such last day."
Sec. 2. Sec. 319 of the same Code is hereby
amended to read as follows:
"Sec. 319.
Exceptions as to period of limitation of assessment and collection of
taxes. — (a) In the case of a false or fraudulent return with intent to
evade tax or a failure to file a return, the tax may be assessed, or a
proceeding in court for the collection of such tax may be begun without
assessment, at any time within ten years after the discovery of the
falsity, fraud, or omission: Provided, That in a fraud assessment which
has become final and executory, the fact of fraud shall be judicially
taken cognizance of in the civil or criminal action for the collection
thereof.
"(b) If before the expiration of the time prescribed
in the preceding section for the assessment of the tax, both the
Commissioner and the taxpayer have agreed in writing to its assessment
after such time, the tax may be assessed within the period agreed upon.
The period so agreed upon may be extended by subsequent written
agreements made before the expiration of the period previously agreed
upon.
"(c) Any internal revenue tax which has been assessed
within the period of limitation above-prescribed may be collected
within three years following the assessment of the tax.
"(d) Any
internal revenue tax which has been assessed within the period agreed
upon as provided in paragraph (b) hereinabove may be collected by
distraint or levy or by a proceeding in court within the period agreed
upon in writing before the expiration of the three-year period. The
period so agreed upon may be extended by subsequent written agreements
made before the expiration of the period previously agreed upon.
"(e) Provided, however, That nothing in the
immediately proceeding section and paragraph (a) hereof shall be
construed to authorize the examination and investigation or inquiry
into any tax returns filed in accordance with the provisions of any tax
amnesty law or decree."
Sec. 3. The period of limitation herein prescribed
shall apply to assessments of internal revenue taxes beginning taxable
year 1984.
Approved: April 5, 1984.
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