REVOKING REVENUE REGULATIONS NO. 3-90 AND ALL OTHER INTERNAL REVENUE ISSUANCES RELATIVE TO ITS IMPLEMENTATION
National Administrative Register [ BIR REVENUE REGULATIONS NO. 6-2002, MAY 2, 2002, May 02, 2002 ]
Pursuant to Section 244 in relation to Section 232 of the National Internal Revenue Code of 1997, this Regulations is hereby promulgated to revoke Revenue Regulations No. 3-90 and all other internal revenue issuances, including revenue rulings, relative to its implementation.
SECTION 1. Revocation.
Revenue Regulations No. 3-90 is hereby revoked. Accordingly, the privileges, incentives and benefits of taxpayers, including that of the last priority in audit, under Revenue Regulations No. 3-90, are hereby withdrawn.
SECTION 2. Effectivity.
This regulations shall take effect immediately and apply to internal revenue tax returns for the taxable year 2002 and subsequent years.
Adopted: 02 May 2002
(SGD.) JOSE ISIDRO N. CAMACHO
Secretary of Finance
Recommending approval:
Secretary of Finance
Recommending approval:
(SGD.) RENE G. BAÑEZ
Commissioner of Internal Revenue