RR No. 12-99: Implements the provisions of the National Internal Revenue Code of 1997 governing the rules on assessment of national internal revenue taxes, fees and charges

Summary

RR No. 12-99, issued September 14, 1999, implements the Tax Code of 1997 rules on the assessment of national internal revenue taxes, fees and charges.

Key points

1. Extra-judicial settlement. The Regulations also give the rules for settling a taxpayer’s criminal violation of the Code or its Regulations outside of court, through payment of a suggested compromise penalty.
2. Interest on partial or installment payments. When tax is paid partially or in installments, interest on the deficiency or delinquency tax runs from the due date until full payment. It is computed on the diminishing balance of the tax, inclusive of interests.

Deadlines and effectivity

• Issued September 14, 1999

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