Application of the 15% and 14% Deficiency and Delinquency Interest Per Annum

March 20, 1973 BIR RULING NO. 007-73 Application of the 15% and 14% deficiency and delinquency interest per annum . The 15% interest rate applies to the interest on deficiency or delinquency income tax payable by corporations, which are required to file quarterly returns of their income and final or adjustment return after the 4th quarter, and which are subject to the tax due on the income earned during each quarter, as required by Supplement B, Title II of the Tax Code, as inserted by Presidential Decree No. 30. On the other hand, the 14% interest rate applies to deficiency or delinquency income tax payable by all other taxpayers who are not required to file the quarterly returns and the final or adjustment returns prescribed by Supplement B, Title II of the Tax Code, as in the case of individuals.