RMC No. 43-2022: Prescribes the non-imposition of surcharge on amended tax returns

Summary

RMC No. 43-2022 prescribes when the 25% surcharge is and is not imposed on amended tax returns.

Key points

1. No surcharge on amendment. The 25% surcharge is not imposed on an amended tax return if the taxpayer filed the initial return on or before its prescribed due date.
2. Surcharge on audit deficiency. The 25% surcharge is imposed on a tax deficiency found during audit if the return being audited was filed beyond the prescribed period or due date.

Who is affected

• Taxpayers amending tax returns

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.