Updated BIR Penalties under EOPT | PAANO MAG COMPUTE NG BIR PENALTIES FOR LATE FILING AND PAYMENT

Understand the updated BIR penalties under EOPT and learn how to compute penalties for late filing and payment. BIR penalties for late filing, late payment, and non-compliance have changed under the new EOPT rules—so knowing how to compute BIR penalties correctly is crucial. Avoid costly mistakes by staying updated on BIR penalty computation and compliance. ===================== 🌍 Video References RR No. 3-2024 - https://tinyurl.com/rrno32024 RR No. 8-2024 - https://tinyurl.com/rrno82024 RMO No. 7-2015- https://tinyurl.com/rmo72015 #bir #EOPT #tax #penalties ===================== 🔗 Links to Watch! Basics of EOPT Act -    • EASE OF PAYING TAXES ACT (EOPT) Explained ...   3% Percentage Tax -    • 3% Percentage Tax Explained | How to Compu...   Basics of Business Taxes -    • Introduction to Business Tax | Basics of P...   8% Optional Income Tax -    • How to Compute Income Tax of Mixed Income ...   How to file 2551Q -    • How to File Percentage Tax 2551Q using eBI...   Value Added Tax -    • Value Added Tax (VAT) in the Philippines   Other Percentage Tax -    • Percentage Tax in the Philippines Explained   ===================== 📚About the Video: Based from Revenue Regulation 8-2024, the following are the classification of Taxpayers: Micro Taxpayer - A taxpayer whose gross sales for the taxable year is less than Three Million Pesos (P 3,000,000.00) Small Taxpayer - A taxpayer whose gross sales for the taxable year is Three Million Pesos (P3,000,000.00) to less than Twenty Million Pesos (P20,000,000.00). Medium Taxpayer - A taxpayer whose gross sales for the taxable year is Twenty Million Pesos (P20,000,000.00) to less than One Billion Pesos (P1,000,000,000.00). Large Taxpayer - A taxpayer whose gross sales for the taxable year is One Billion Pesos (P1,000,000,000.00) and above. 📚Penalties in relation to Tax Filing: The Bureau of Internal Revenue (BIR) in the Philippines imposes various penalties for non-compliance with tax filing requirements. These penalties include: 📚Surcharges: A 25% surcharge on the amount of tax due for late filing, incorrect or false information, and non-payment of the tax. A 50% surcharge if the failure to file or pay is due to willful neglect or fraudulent intent. 📚Interest: An interest of 12% per annum on the unpaid tax from the deadline of the return until the tax is fully paid. 📚Compromise Penalty: This is a penalty amount that may be agreed upon between the taxpayer and the BIR in lieu of criminal prosecution. The amount varies depending on the nature and gravity of the violation. 📚Civil Penalties: These include fines and penalties imposed on taxpayers for violations such as under-declaration of income, overstatement of deductions, and other fraudulent activities. 📚Criminal Penalties: These may include imprisonment for severe tax evasion cases and other serious violations of the tax code. 📚Administrative Penalties: These can include suspension or closure of business operations, revocation of business licenses, and other administrative sanctions. ===================== ⌚️ Time Stamps: 00:00​ Intro 00:13 Some Updates on EOPT Act 01:00 Taxpayer Classification 03:15 Reduced Penalties 05:44 Outro ===================== Disclaimer: This video is mainly for educational purposes and is not a substitute in doing due diligence. For highly technical tax issues, seek professional assistance or contact BIR for proper tax compliance.