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.

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About Jonathan Ruiz CPA

Newbie Mentor and one of the influential author in the Philippines setting. His also the founder of PAM Academy and Developer of PAM PSE TRACKER application.
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