SBN-931: Reducing the Civil Penalties and Interest Imposed on the Failure to File Tax Returns and Pay the Tax Due
An Act Reducing The Civil Penalties And Interest Imposed On The Failure To File Tax Returns And Pay The Tax Due Thereon, Amending For This Purpose Sections 248 And 249 (A) Of The National Internal Revenue Code Of 1997, As Amended
- This proposed measure seeks to reduce the surcharge and interest rates on the failure to file tax returns and pay the correct taxes due thereon from 25% or 50% and 20% to a reasonable level of 12% or 25%, and 6%, respectively, to encourage voluntary compliance by the taxpayers to pay the correct taxes.
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