reduced interest

This Revenue Regulation implements Section 4 of Republic Act (RA) No. 11976 (Ease of Paying Taxes Act), on the imposition of reduced interest and penalty rates for micro and small taxpayers. There shall be imposed, in addition to the tax required to be paid, a penalty equivalent to ten percent (10%) of the amount due, in the following cases: A. Failure to file any return and pay the tax due thereon as required under the provisions of the Tax Code or rules and regulations on the date prescribed. Provided that no penalty shall be imposed to an amendment of a tax [...]