Wednesday 19 December 2018
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inquirer - 3 month ago

BIR sets 12% interest rate for delinquent, deficient tax payments

The Bureau of Internal Revenue (BIR) has issued rules mandating a lower delinquency and deficiency interest rate of 12 percent under the Tax Reform for Acceleration and Inclusion (TRAIN) Act. Revenue Regulations No. 21-2018 issued by Finance Secretary Carlos G. Dominguez III and Internal Revenue Commissioner Caesar R. Dulay on Sept. 14 noted that under Republic Act No. 10963 or the TRAIN law, unpaid taxes were to be slapped interest double the effective legal interest rate for loans or forbearance of a

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