In less than a week, the Annual Income Tax for individuals and corporations should be filed or else, you will be slapped with hefty penalties: 25% surcharge and 12% interest based on the unpaid tax due, and up to P50,000 compromise penalty.
However, this is in contrast with the latest intrigue being faced by a presidential candidate whose family owes P23 billion estate tax that was supposedly paid over a quarter of century ago.
In an exclusive interview with Julie McCarthy of National Public Radio, the Asian Consulting Group’s CEO and Senior Tax Advisor Mon Abrea emphasized that the penalty for such unpaid taxes is 1 to 10 years of imprisonment and that the current presidential candidate can still possibly be jailed for it as he’s not assuming any position yet.
Abrea also mentioned that this case is not possible with ordinary citizens – who are either asked to pay penalties right away or charged to go to jail.
As the deadline of Annual Income Tax is coming, taxpayers are reminded to file and pay their taxes correctly and on time to avoid any hassle of unnecessary penalties and compromises. Non-filing of ITR can also lead to a possible tax audit or tax evasion case.
Asian Consulting Group still provides FREE Tax Health Check for companies that are keen in knowing how their tax compliance is doing and what they can possibly do to avoid being compromised during an audit.
For more information, talk to one of ACG’s tax consultants at firstname.lastname@example.org and 0917 801 0191.