Surcharges( Ad Valorem Penalty)

50%  –  False or Fraudulent Return is Willfully Filed.

–  Willful neglect to file the return on time.

25%  –  Failure to file any return and pay the tax due thereon.

–  If the return is not filed with the proper internal revenue officer.

–  Failure to pay on time the deficiency tax shown in the notice of assesment.

Note: The failure to file any return and pay the tax thereon are not treated as one act or violation for purposes of the imposition of penalties.

**Interest for failure to pay tax per return on time.

Rate 20% per annum or such higher rate as may be prescribed by rules and regulations, computed from the date prescribed for payment until the amount is fully paid.


About Jonathan Ruiz CPA

Entrepreneur, CPA Mentor, Stock market Newbie Mentor, Influential Author and Master's Degree in International Business graduate in Hult International Business School, UK. A father of two lovely daughters.
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