The Bureau of Internal Revenue issued Revenue Regulations No. 3-2010 requiring taxpayers who will be submitting their annual tax returns to include a Statement of Management Responsibility as attachment. Aside from the usual general statement that the financial statements are prepared in accordance with the generally accepted accounting and auditing principles, the taxpayer shall also make a statement that ” all applicable tax returns, reports and statements required to be filed under Philippine tax laws for the reporting period, and all taxes and other impositions shown thereon to be due and payable have been paid for the reporting period, except those contested in good faith.”
For a copy of Revenue Regulations No. 3-2010, click on the Tools bar under Laws and Implementing Regulations.