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RP Consulate announces amendments to Philippine income tax regulations
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Posted on Apr 07 2000
In line with the annual filing by Filipino nationals in the CNMI of Philippine income taxes, the Philippine Consulate wishes to announce the amended regulations prescribed by the Bureau of Internal Revenue.
Basically, income tax returns for calendar year 1998 filed after 15 July 1999, and 1999 income information returns filed after 15 April 2000, are both subject to penalty charges.
Following is a prescribed schedule of penalty fees to be collected, (computation, which is pegged on Philippine Peso equivalent, is based on amount of gross salary or income for the given period):
Exceeds But does not exceed Compromise is
PXXX P10,000 P200
10,000 20,000 400
20,000 30,000 600
30,000 50,000 1,000
50,000 75,000 1,500
75,000 100,000 2,000
100,000 300,000 3,000
300,000 500,000 5,000
500,000 1,000,000 7,500
1,000,000 5,000,000 10,000
5,000,000 10,000,000 15,000
10,000.00 25,000,000 20,000
25,000.00 xxx 25,000
Filers are requested to bring their CNMI W-2 (Withholding Tax) Forms.
For further particulars, Cristy Yap of the Philippine Consulate may be contacted at 234-1851.
