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Tax Payment Agreement
"I need a Tax Payment Agreement for our manufacturing company to settle PHP 5.2M in back taxes over 12 monthly installments, starting March 2025, with payments to be made through eFPS."
1. Parties: Identification of the taxpayer and the Bureau of Internal Revenue (BIR) as parties to the agreement
2. Background: Context of the tax obligation, including reference to assessment notices or audit findings
3. Definitions: Key terms used throughout the agreement, including specific tax-related terminology
4. Tax Obligation: Details of the total tax liability, including principal amount, penalties, and interest
5. Payment Terms: Schedule of payments, including installment amounts, due dates, and payment methods
6. Mode of Payment: Specified payment channels and procedures (e.g., electronic filing and payment system, authorized agent banks)
7. Interest and Penalties: Applicable interest rates and penalties for late or missed payments
8. Representations and Warranties: Taxpayer's declarations regarding financial capacity and accuracy of information provided
9. Default and Remedies: Circumstances constituting default and available remedies for the BIR
10. Termination: Conditions under which the agreement may be terminated and consequences
11. Governing Law: Specification of Philippine law and relevant tax regulations
12. Notices: Communication procedures and contact details for both parties
1. Collateral Security: Required when additional security for tax payment is needed, such as liens or guarantees
2. Tax Compliance Requirements: Additional reporting or compliance obligations, used for high-value or complex cases
3. Compromise Settlement Terms: Used when the agreement includes compromise of tax liabilities under applicable regulations
4. Electronic Filing Provisions: Specific terms for electronic filing and payment, required for eFPS-registered taxpayers
5. Third-Party Guarantor: Included when a third party provides guarantee for the tax payments
6. Waiver of Rights: Specific rights waived by the taxpayer, included in cases of significant compromise
7. Amendment Procedures: Detailed procedures for modifying the agreement, included for long-term payment arrangements
1. Schedule A - Payment Schedule: Detailed breakdown of installment amounts and due dates
2. Schedule B - Tax Assessment Details: Itemized list of tax assessments, including breakdown by tax type and period
3. Schedule C - Supporting Documents: List of required supporting documents submitted with the agreement
4. Schedule D - Authorized Signatories: List of authorized representatives for both parties
5. Appendix 1 - Computation of Tax Liability: Detailed calculation of total tax liability including principal, interests, and penalties
6. Appendix 2 - Payment Instructions: Detailed instructions for making payments, including account details and procedures
7. Appendix 3 - Compliance Requirements: Specific reporting and documentation requirements during the payment period
Authors
Financial Services
Manufacturing
Retail
Real Estate
Technology
Healthcare
Construction
Mining
Agriculture
Transportation
Education
Professional Services
Hospitality
Energy and Utilities
Telecommunications
Finance
Legal
Tax
Treasury
Compliance
Accounting
Risk Management
Internal Audit
Corporate Secretariat
Accounts Payable
Chief Financial Officer
Tax Manager
Finance Director
Compliance Officer
Legal Counsel
Tax Accountant
Treasury Manager
Financial Controller
Tax Compliance Specialist
Corporate Secretary
Finance Manager
Accounts Payable Manager
Tax Director
Risk Management Officer
Internal Auditor
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