Tax BlogTaxes – Comply Now Before It’s Too Late!

August 2, 20120
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The BIR is vigorous in running after tax evaders. They have launched several programs to ensure that tax evaders will surely be penalized by payment of penalties as well as charging criminal cases.

Every taxpayer must comply with the requirements of the authorities and where there is no intention to commit evasion, penalties will be imposed.

The Philippine Tax Code provides the civil penalties for failure to file any return and pay the tax due on the date prescribed by law, to wit: 25% surcharge, 20% interest and compromise penalties. If there is willful neglect to file the return within the prescribed period or for fraudulent or false return, the surcharge to be imposed is 50% of the tax due. For failure to file certain information return, statement or list or keep record, or supply information to the BIR, the penalty is up to Php 25,000. In addition, the BIR, at its discretion, may file criminal case against the taxpayer or the responsible officers of the Company for these offenses.

To ensure that your accountant is properly doing all your compliance, there may be a need for a tax audit. Triple i Consulting may conduct a tax audit in order for you to have peace of mind knowing that you are complying properly and would not experience nightmares because of taxes.

By: Atty Marissa C Yambao

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