Updated BIR Penalties under EOPT | PAANO MAG COMPUTE NG BIR PENALTIES FOR LATE FILING AND PAYMENT

Описание: Understand the updated BIR penalties under EOPT and learn how to compute penalties for late filing and payment. BIR penalties for late filing, late payment, and non-compliance have changed under the new EOPT rules—so knowing how to compute BIR penalties correctly is crucial. Avoid costly mistakes by staying updated on BIR penalty computation and compliance.

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🌍 Video References
RR No. 3-2024 - https://tinyurl.com/rrno32024
RR No. 8-2024 - https://tinyurl.com/rrno82024
RMO No. 7-2015- https://tinyurl.com/rmo72015
#bir #EOPT #tax #penalties

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🔗 Links to Watch!
Basics of EOPT Act -    • EASE OF PAYING TAXES ACT (EOPT) Explained ...  
3% Percentage Tax -    • 3% Percentage Tax Explained | How to Compu...  
Basics of Business Taxes -    • Introduction to Business Tax | Basics of P...  
8% Optional Income Tax -    • How to Compute Income Tax of Mixed Income ...  
How to file 2551Q -    • How to File Percentage Tax 2551Q using eBI...  
Value Added Tax -    • Value Added Tax (VAT) in the Philippines  
Other Percentage Tax -    • Percentage Tax in the Philippines Explained  

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📚About the Video:
Based from Revenue Regulation 8-2024, the following are the classification of Taxpayers:
Micro Taxpayer - A taxpayer whose gross sales for the taxable year is less than Three Million Pesos (P 3,000,000.00)
Small Taxpayer - A taxpayer whose gross sales for the taxable year is Three Million Pesos (P3,000,000.00) to less than Twenty Million Pesos (P20,000,000.00).
Medium Taxpayer - A taxpayer whose gross sales for the taxable year is Twenty Million Pesos (P20,000,000.00) to less than One Billion Pesos (P1,000,000,000.00).
Large Taxpayer - A taxpayer whose gross sales for the taxable year is One Billion Pesos (P1,000,000,000.00) and above.

📚Penalties in relation to Tax Filing:
The Bureau of Internal Revenue (BIR) in the Philippines imposes various penalties for non-compliance with tax filing requirements. These penalties include:

📚Surcharges:
A 25% surcharge on the amount of tax due for late filing, incorrect or false information, and non-payment of the tax.
A 50% surcharge if the failure to file or pay is due to willful neglect or fraudulent intent.

📚Interest:
An interest of 12% per annum on the unpaid tax from the deadline of the return until the tax is fully paid.

📚Compromise Penalty:
This is a penalty amount that may be agreed upon between the taxpayer and the BIR in lieu of criminal prosecution. The amount varies depending on the nature and gravity of the violation.

📚Civil Penalties:
These include fines and penalties imposed on taxpayers for violations such as under-declaration of income, overstatement of deductions, and other fraudulent activities.

📚Criminal Penalties:
These may include imprisonment for severe tax evasion cases and other serious violations of the tax code.

📚Administrative Penalties:
These can include suspension or closure of business operations, revocation of business licenses, and other administrative sanctions.

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⌚️ Time Stamps:
00:00​ Intro
00:13 Some Updates on EOPT Act
01:00 Taxpayer Classification
03:15 Reduced Penalties
05:44 Outro

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Disclaimer:
This video is mainly for educational purposes and is not a substitute in doing due diligence. For highly technical tax issues, seek professional assistance or contact BIR for proper tax compliance.