The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 7-2023 (dated 10 January 2023) providing guidance on return processing system (RPS) assessment notices arising from tax return information discrepancies, late filing of tax returns or non-payment/underpayment of taxes.
The RMC provides that:
- An RPS assessment arises when the RPS system detects a tax return that was filed late but no penalties were paid, a tax return filed with declared tax due but no corresponding payment was detected, or a tax return filed with tax due but the payment detected was only partial….
Source: KPMG
