Tax Center by Atty. Raegan L. Capuno

27/12/2022

Lower Income Tax Rates for Individuals in 2023

Read the full text here: https://bit.ly/LowerIncomeTaxRates

16/02/2022

: According to the 1997 National Internal Revenue Code (Tax Code), not filing your required tax returns is a CRIME! ⚠️

Section 255 states that any person required to make a return, but willfully fails to make such return, upon conviction, are subject to the following:

➡️ penalty of not less than P10,000; and
➡️ imprisonment of not less than 1 year but not more than 10 years.

Legislative history of Section 255:

📜 Section 73, 1939 Tax Code or Commonwealth Act No. 466
Non-filing of returns was punishable by a penalty of not more than P2,000 or imprisonment for not more than 6 months, or both.

📜 Section 73, 1977 Tax Code or Presidential Decree No. 1158 s. 1977
Non-filing of returns was punishable by a penalty of not more than P2,000 or imprisonment for not more than 6 months, or both.

📜 Section 73 as amended by Batas Pambansa 135 s. 1981
A proviso was added providing that individuals with compensation income taxable and where the tax withheld from such compensation income is final were exempted from the penalty for failure to pay the tax on such compensation income and to file a return theron at the designated period.

📜 Section 288 as amended by Presidential Decree No 1994 s. 1985
Non-filing of returns was punishable by a penalty of not less than P5,000 nor more than P50,000 and imprisonment of not less than 6 months and one day but not more than 5 years. The proviso on the exemption from penalties was removed.

📜 Section 254 as amended by Executive Order No, 273 s. 1987
Renumbered Section 288 of the 1986 Tax Code to Section 254.

📜 Section 254 as amended by Republic Act No. 7497 (1992)
Non-filing of returns was punishable by a penalty of not less than P10,000 and imprisonment of not less than 1 year but not more than 10 years.

📜 Section 255 of 1997 Tax Code or Republic Act No. 8424
The 1997 Tax Code adopted Section 254 of the 1977 Tax Code, as amended by RA 7497 and 7642. Section 51(A)(2)(b) provided for substituted filing for purely compensation income earners. RA 10963 or the TRAIN Law further reiterated and clarified substituted filing under Section 51-A.

INCOME TAX FILING SEASON IS UPON US! Let us do our share in contributing to our country’s recovery and growth by declaring and paying the proper taxes. File early to avoid long queues.

Learn more: https://www.bir.gov.ph/index.php/bir-forms/income-tax-return.html?fbclid=IwAR1A4r0wr5MEOVJR2ZD284MO_yM3M3uEtnEB74xjTnKXAEJIxYVaxa-WssU

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02/02/2022

Alamin ang iyong kapalaran ayon sa BIR.

20/01/2022

13/01/2022

Recoletos Law Center Schedule, Be Informed! Focus, Study Hard, Study Well! More Power! Bravo!

03/11/2021

With the government hard-pressed for funds to finance economic recovery programs, much of the burden falls on the Bureau of Internal Revenue (BIR) to increase tax collections.

03/09/2021

REVIEWER'S CORNER

ATTY. RAEGAN L. CAPUNO
• 12th place, 2015 Bar Examinations
• Siguion Reyna, Montecillo & Ongsiako
• Certified Public Accountant with extensive experience and training in financial statement audit
• CPA reviewer and lecturer in Management Advisory Services, Taxation, and Regulatory Framework for Business Transactions and
• Lecturer in Criminal Procedure for Criminologists Licensure Examination
• Law Professor for at least 5 years
• Nationally Sought After Bar Reviewer
• Book Author

TOPIC:
Estate Tax and Donor’s Tax (September 3, 2021; 5:00 to 9:00 pm)

Non Desista | Non Exieris
Never give up | Never Surrender

30/08/2021

Refund or Tax Credit of Input Tax (Sec. 112 of NIRC)