Additional Residence Tax of a Corporation on the Fiscal Year Basis

1970 BIR RULING NO. 001-70 Additional Residence Tax of a Corporation on the Fiscal Year Basis . Fiscal year corporations may pay their additional residence taxes on the basis of their real property holdings and gross receipts for the preceding fiscal year. Thus, the corporation's fiscal year being ending on June 30, the amount of the additional residence tax payable by it in 1969 shall be based on the worth of its real properties as of June 30, 1969 and on its gross receipts for the fiscal period ending June 30, 1968. casia Pursuant to Section 5 of the Residence Tax Law, however, its residence taxes for 1969 is due and payable on or before April 30, 1969 and if not so paid it shall be liable to a surcharge of 5% every month or fractional part thereof on the unpaid amount but not to exceed 25% in the aggregate.