The Bureau of Internal Revenue has issued Revenue Regulations (RR) No. 13-2021 to implement the penalty provisions under Sections 76 to 80 of Republic Act (RA) No. 10963, otherwise known as the Tax Reform for Acceleration and Inclusion Law or the TRAIN Law, amending Sections 254 and 264 of, and adding Sections 264-A, 264-B and 265-A to, the Tax Code.
Summarized as follows are the violations with the corresponding fines and penalties.
The fines and penalties stated above shall be in addition to other penalties provided for by law. RR No. 13-2021 shall take effect on January 1, 2018, which is also the effectivity date of the TRAIN Law.
P&A Grant Thornton
Certified Public Accountants
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As published in SunStar Cebu, dated 30 July 2021