Author Topic: Is there a Penalty for Non-filing of Financial Statements ?  (Read 1098 times)

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IntraLover

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I am just curious... Is there a Penalty for Non-filing of Financial Statements ? Kunyari nalimutan mo mag file? In case magkano or ano ang penalty pag ganun?

Sana may sumagot kasi wala talaga akong idea.. salamat.


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BusinessManPH

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Re: Is there a Penalty for Non-filing of Financial Statements ?
« Reply #1 on: June 23, 2012, 02:48:11 PM »
as far as i know. monetary value ang penalty lalo na kung late payment. nag aaccumulate sya over time so kelangan masettle mo na agad para di lumaki.

DonaldTrumpPH

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Re: Is there a Penalty for Non-filing of Financial Statements ?
« Reply #2 on: June 23, 2012, 02:49:13 PM »
Penalties are as follows:

a. 25% one-time surcharge based on basic tax due. 50% applies to fraudulent return that is presumed if the unpaid is at least 30% of the tax that should have been paid.

b. 20% interest based on basic amount due on an annual basis.

c. Compromise penalties ranging from P200-P50,000 based on the range of basic amount due.
If no basic tax due, non-filing penalty is based on compromise penalty. Every year failed to be filed is a separate count. For late filing, BIR will compute the related penalty and you could not pay directly to the bank. I suggest you secure a penalty computation with the BIR prior payment.
If it is a corporation, SEC imposes a penalty also and i think it is around P10,000 a year based on escalation.

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Re: Is there a Penalty for Non-filing of Financial Statements ?
« Reply #2 on: June 23, 2012, 02:49:13 PM »

 

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