Reyes came to BIR and met BIR commissioner Jose Mario Buñag at the Commissioner’s Conference Room in the BIR National Office, Diliman, Quezon City to file personally his application for IVAP. He opted to avail of the program to settle existing liabilities with the Bureau.
Reyes, a former 9-ball world champion, is the official endorser of Puyat Sports, owned by the Puyat Sports Inc., official sponsor of all his games.
Reyes’ income from abroad has been subjected to tax in the previous years.
The IVAP is a BIR program implemented under Revenue Regulations (RR) No. 18-2006 to give taxpayers the chance to avail themselves of the privileges of last priority in audit while affording the government revenue collections with least administration costs.
The program, which expires yesterday, seeks to maintain harmonious relation with taxpayers by minimizing inconvenience relative to investigation and is a perfect opportunity for taxpayers who have tax accounts to settle with the BIR and clean their tax records before the year 2007 sets in.