Fines and penalties are unnecessary for the business, and we’d like to avoid them as much as possible.
Some common reasons are:
1. Late filing/payment
2. Wrong Venue
3. Non-filing/payment
If you fit into any of the scenarios above or failed to comply with BIR’s tax requirements, this would result in penalties. Learn how to add penalties to your drafted form generated in Plus.
Value Added Tax, Withholding Tax, Compensation, Final Withholding Tax Return, and Payment Forms all have similar processes:
STEP 1: After generating your form, go to the Summary tab
STEP 2: Locate the Add: Penalties portion in the form then click the Edit Penalties button
STEP 3: A pop-up modal will appear; enter the Surcharge, Interest, and Compromise amounts, and click the Update button.
That’s it! A notification will appear on the upper right corner of the screen showing you’ve successfully updated the penalties on your generated form
For adding penalties to an Income Tax Return:
STEP 1: Scroll down to the end of the Report Summary and click Penalties
STEP 2: Input the Surcharge, Interest, and Compromise amounts and hit on the Save Changes button.
NOTE: Please make sure that the data are correct before filing because these changes will affect the computation of tax.
That’s it! A notification will appear on the upper right corner of the screen showing you’ve successfully updated the penalties on your generated form
Helpful Link: