The Bureau of Internal Revenue (BIR) has jacked up the fines and extended the jail term for those who will be found guilty of tax evasion as mandated by the Tax Reform for Acceleration and Inclusion (TRAIN) Act. Finance Secretary Carlos Dominguez III and Internal Revenue Caesar Dulay set the updated penalties under the TRAIN Law through Revenue Regulations (RR) 13-2021, which the BIR published on Thursday.
For attempts to evade or defeat income taxes, the fine was increased to between P500,000 and P10 million. Previously, the fine slapped on those convicted by court for tax evasion was only P30,000 to P100,000.Imprisonment, meanwhile, will range from six to 10 years, longer than two t…
Keep on reading: BIR sets tougher fines, penalties for tax evasion