According to Bañez, the extension was made due to the clamor of more taxpayers who want to avail themselves of the program that allows them to have the privilege of last priority in audit and investigation.
The VAP, which has been implemented in Revenue Regulations 8-2001 as amended by Revenue Regulations 10-2001, also allows taxpayers a flexible manner of payment through installments, provided that the VAP amount is over P5 million.
If the VAP amount is over P5 million but not more than P10 million, P50 percent of the amount may be paid at the time of filing of the application and the other 50 percent to be paid one month thereafter.
However, if the amount exceeds P10 million, payment may be done in three equal monthly installments, 33.33 percent of the total amount at the time of filing of the VAP application and 33.33 percent each of the immediately succeeding two months.
Bañez expressed optimism that through the VAP, which is one of the bureau’s revenue enhancement measures, the BIR will be able to attain its objectives of maximizing revenue collection and encouraging voluntary compliance.