Our National Internal Revenue Code ("Tax Code") mandates that interest and a 25-percent surcharge (50 percent in case of bad faith) are due when a taxpayer is late in the payment of taxes. However, there have been instances where interest and surcharge were not imposed.
In several cases, the Supreme Court (SC) held that good faith and an honest belief that one was not subject to tax on the basis of previous interpretations by government agencies tasked to implement tax law was sufficient justification to relieve a taxpayer from the imposition of interest and surcharge for late payment.
Already have an active account? Log in here.
Continue reading with one of these options:
Continue reading with one of these options:
Premium + Digital Edition
Ad-free access
P 80 per month
(billed annually at P 960)
- Unlimited ad-free access to website articles
- Limited offer: Subscribe today and get digital edition access for free (accessible with up to 3 devices)
TRY FREE FOR 14 DAYS
See details
See details
If you have an active account, log in
here
.