Prescriptive Periods in Tax Assessments Under the National Internal Revenue Code (NIRC)

This course is about prescription periods in tax assessments.

Prescription is a very powerful defense against a tax assessment. Often, tax practitioners would first check whether the tax assessment has already been prescribed or the period for the BIR to collect has been prescribed. No matter how valid the assessment is, prescription serves as a complete defense. A mastery of the prescriptive periods in tax assessments could mean significant savings for your clients.

At the end of this course, you should be able to:

• Explain the tax code timelines in reference to:

            ○ The period to assess deficiency tax,
            ○ The period to collect the assessed tax,
            ○ The period to file criminal action,
            ○ The period to file a claim for refund;

• Determine the instances when the prescriptive period to assess and collect tax is suspended;
• Identify the new requisites of a valid waiver;
• Identify the requisites for claiming a refund; and
• Differentiate false return from fraudulent return.