Clarifying the Extended Period Granted to Corporations Using the Fiscal Year Accounting Period for Late Payment of Tax in 1998 Under Revenue Regulations No. 8-98 (MCIT Regulations)

October 9, 1998 REVENUE MEMORANDUM CIRCULAR NO. 46-98 SUBJECT : Clarifying the Extended Period Granted to Corporations Using the Fiscal Year Accounting Period for Late Payment of Tax in 1998 Under Revenue Regulations No. 9-98 (MCIT Regulations) TO : All Internal Revenue Officers and Others Concerned It is provided under Revenue Regulations No. 9-98 that firms using the fiscal year basis and whose first taxable period under the minimum corporate income tax (MCIT) falls due in the year 1998 shall not be imposed with penalties for late payment of the tax. LexLib This Circular is being issued to clarify that the deadline for the payment of the tax without the corresponding penalties for late payment is only up to November 15, 1998. Thus, corporations with fiscal year ending on or before the 31 st of July shall file their Income Tax Return (ITR) and MCIT Return and pay the tax on or before November 15, 1998, otherwise they shall be subject to the corresponding penalties for late payment. All internal revenue officers and others concerned are requested to give this Circular as wide a publicity as possible. (SGD.) BEETHOVEN L. RUALO Commissioner of Internal Revenue