Amendment of the penalties stipulated in the Agreement prescribed in Revenue Regulations 5-84
Revenue Regulations No. 01-85 • Bureau of Internal Revenue (BIR) Issuances • Revenue Regulations • Jan 28, 1985
Full text
January 28, 1985 REVENUE REGULATIONS NO. 01-85 SUBJECT : Amendment of the Penalties Stipulated in the Agreement Prescribed in Revenue Regulations 5-84 TO : All Officials Concerned of the Bureau of the Treasury, Bureau of Internal Revenue and Accredited Banks Paragraph 8 of the bank's obligation in the Agreement prescribed in Revenue Regulations No. 5-84 which took effect on May 29, 1984 is hereby amended to read as follows: cd i (8) pay a fine of P100.00 for every day of delay in the submission of each required report or the submission of inaccurate or incomplete report; likewise, a 25% surcharge on late remittance of and/or unremitted collections to be annualized which when added to the interest rate of 1/10 of 1% interest rate per day thereon as provided for under paragraph 4 of this Agreement shall not be less than the prevailing inter bank borrowing rate plus 5% , except if the delay or failure to remit on time is due to fortuitous events. This Amendment shall take effect immediately. CESAR E. A. VIRATA Minister of Finance Recommending Approval: RUBEN B. ANCHETA Acting Commissioner TAN-A5239-J1139-A-D
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