BUREAU OF INTERNAL REVENUE
The Bureau of Internal Revenue (BIR) issued the following:
Revenue Memorandum Circular (RMC) No. 54-2018, 21 June 2018, clarifies the rule on the imposition of surcharge, interest and compromise penalty for filing amended tax returns under Section 249(A) of the National Internal Revenue Code (NIRC) as amended by Republic Act No. 10963, otherwise known as the Tax Reform for Acceleration and Inclusion (TRAIN).
Under Section 249(A) where additional tax is due on an amended tax return, the tas due on the additional tax is 25% penalty and the current Bangko Sentral ng Pilipinas prescribed interest rate or 12% per annum (BSP Circular No. 799 s. 2013).
The RMC reiterated that pursuant to Revenue Memorandum Order (RMO) No. 16-2018, the Schedule of Compromise Penalties to settle criminal liabilities of taxpayers are stated in RMO No. 19-2007 as amended by RMO No. 7-2015. The RMC also clarified that payment of the compromise penalties is consensual, and should the taxpayer refuse to pay the suggested compromise penalty, the appropriate action is to refer the violation to the appropriate office for criminal action.
RMC No. 53-2018, 21 June 2018, circulates the extension of hte deadline for all concerned BIR officers to complete the processing, review and approval of all pending value-added tax (VAT) claims filed prior to the effectivity of RMC No. 54-2014 from June 30, 2018 to December 14, 2018.
Attached are the full texts of the issuances.
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