ATTENTION CORPORATION: There is a potentially expensive sting in the tail for pay and file taxpayers who have not yet paid & filed their 2014 second quarter corporate income tax (1702Q). Second quarter covers April, May & June 2014 and the deadline for filing is on the 28th of August or on or before 60 days following the close of each of the quarters. Anyhow, for corporate taxpayers, the 2014 income tax return will trigger a penalty not less than Php10,000, if not filed. Therefore, it is important, however, to note that the penalty is calculated on your income tax liability, and that this penalty is in addition to the tax liability. Oh yes! aside from the tax payable you will be charged for additional penalty. You don’t want that do you? Well of course, the BIR issued a table of compromise penalty depending on the amount of tax involved. But that is not he point. Because additional penalties may also apply for non-compliance with filing obligations and worst you will be monitored already.
Thus, if you want to avoid any penalty then make sure you have filed and paid your 1702Q ON OR BEFORE THE DEADLINE.