This document outlines new revenue regulations that implement provisions of the 1997 Tax Code regarding the assessment of taxes and fees, as well as rules for extra-judicial settlement of criminal tax violations through compromise penalties. It establishes that interest will be imposed on unpaid or partially paid taxes from the due date until full payment and that interest will be computed on the diminishing balance of unpaid taxes and accumulated interest.
This document outlines new revenue regulations that implement provisions of the 1997 Tax Code regarding the assessment of taxes and fees, as well as rules for extra-judicial settlement of criminal tax violations through compromise penalties. It establishes that interest will be imposed on unpaid or partially paid taxes from the due date until full payment and that interest will be computed on the diminishing balance of unpaid taxes and accumulated interest.
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This document outlines new revenue regulations that implement provisions of the 1997 Tax Code regarding the assessment of taxes and fees, as well as rules for extra-judicial settlement of criminal tax violations through compromise penalties. It establishes that interest will be imposed on unpaid or partially paid taxes from the due date until full payment and that interest will be computed on the diminishing balance of unpaid taxes and accumulated interest.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOC, PDF, TXT or read online from Scribd
implements the provisions of the Tax Code of 1997 relative to the rules on assessment of national internal revenue taxes, fees and charges, as well as provides the rules for the extra-judicial settlement of a taxpayer's criminal violation of the said Code or any of its implementing Regulations through payment of a suggested compromise penalty. As a general principle, in case the tax due from the taxpayer is paid on a partial or installment basis, the interest on the deficiency tax or on the delinquency tax liability of the taxpayer will be imposed from due date of the tax until full payment thereof. The interest will be computed based on the diminishing balance of the tax, inclusive of interests.