RR No. 4-2012 dated March 28, 2012 Abatement of penalties

RR No. 4-2012 dated March 28, 2012
Abatement of penalties_______________________

Amending RR No. 13-2001. Regarding Abatement or Cancellation of Internal Revenue Tax Liabilities

►   This Regulation amends Sec 2.6 of RR No. 13-2001 by deleting Section 2.6.1 which provides that penalties and/or interest imposed on the taxpayer may be abated or cancelled on the ground of one day late filing and remittance due to failure to beat the bank cut-off time. It shall now be read as follows:

"Section 2.lnstances When The Penalties And/Or Interest Imposed On The Taxpayer May Be Abated Or Cancelled On The Ground That The Imposition Thereof Is Unjust Or Excessive. -

xxx

2.6    Late payment of the tax under meritorious circumstances such as those provided hereunder:

2.6.1     Use of wrong tax form but correct amount of tax was remitted;

2.6.2  Filing an amended return under meritorious circumstances, provided, however, that abatement shall cover only the penalties and not the interest;

2.6.3  Surcharge erroneously imposed;