Seminars Schedules

Changing Accounting Period – LT

Monday, 15 August 2011, 14:09 | Category : Updates
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Large Taxpayers Service (LTS) is now included in the policies, guidelines and procedures on the application for change in accounting period under Section 46 of the NIRC of 1997, as amended. This is by virtue of Revenue Regulations No. 9-2011 (RR No. 9-11) amended Revenue Regulations No. 3-2011 (RR N0. 3-11).

To initiate the change in accounting period for large taxpayers, a letter request addressed to the RDO or appropriate Large Taxpayers (LT) Office having jurisdiction over the place of business of the taxpayer must be submitted seeking approval for change in accounting period. Said letter must indicate the following:

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.

The reason stated should convince the BIR the need for such change so it would easily be approved.

Source:

REVENUE REGULATIONS NO. 9-2011: AMENDMENT TO REVENUE REGULATIONS NO. 03-2011 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 DATED 28 JUNE 2011

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