Special Concessions for Certain Taxpayers.
Section 45
SEC. 45. Special Concessions for Certain Taxpayers. - The following concessions shall be made available to micro and small taxpayers for purposes of this Act: (a) The Income Tax Return (ITR) required under Section 51 of the NIRC shall consist of a maximum of two (2) pages in paper form or electronic form; (b) A reduced rate of ten percent (10%) for civil penalties as provided under Section 248 of the NIRC, as amended; (c) A fifty percent (50%) reduction on the interest rate imposed under Section 249 of the NIRC, as amended; (d) A reduced fine of Five hundred pesos (P500) as penalty for failure to file certain information returns as provided under Section 250 of the NIRC, as amended; and (e) A reduced compromise penalty rate of at least fifty percent (50%) for violations of Sections 113, 237, and 238 of the NIRC, as amended.