Compromise Penalty for Failure to Attach a Statement of Networth and Operations

April 17, 1959 BIR RULING NO. 194-59 1st Indorsement Respectfully referred to the Regional Director, Regional District No. 3, Bureau of Internal Revenue, Manila, the attached letter of Mr. Cua Tiong dated April 8, 1959, relative to his internal revenue case, involving the sum of P100.00 as compromise penalty for failure to attach a statement of networth and operations to his income tax return for the year 1955. This Office has already issued several rulings to the effect that taxpayers whose gross quarterly sales, receipts or gross value of output exceeds P5,000 but does not exceed P25,000 are liable to the compromise penalty prescribed by General Circular No. V-236 for failure to accompany their income tax returns with the yearly statement of networth and operations only from the date of the promulgation thereof. He is, therefore, advised to be guided accordingly. cdll (SGD.) MELECIO R. DOMINGO Deputy Commissioner of Internal Revenue