Thursday February 22 , 2018

Statement of Management Responsibility accompanying the financial statements in the submission of the income tax return (Revenue Regulations 3-2010)

Submission of the Statement of Management Responsibility (Revenue Regulations 3-2010)

BIR mandates through RR 3-2010 that all taxpayers required to file income tax returns shall also be required to submit a Statement of Management Responsibility, the contents of which are set forth in the said issuance.

The Statement of Management Responsibility shall be signed not only  by the Individual Taxpayer, President or Managing Partner, but also the Chief Executive Officer and the Chief Financial Officer or any officer performing similar functions. In the case of a foreign corporation with branch office in the Philippines, the statement shall be signed by its local manager who is in charge of its operations.

Any person who violates any provision of RR 3-2010 shall be punished by a fine or imprisonment, or both, as prescribed by the NIRC of 1997.

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