Practice question
A qualifying small taxpayer is subject to a stipulated lawful ordinary Section 249 annual rate of 12% for a particular period. Explain the EOPT concession and why it does not mean half the principal is forgiven.
Legal references
- NIRC Section249(A)–(B), as amended by RA10963 Section75; https://lawphil.net/statutes/repacts/ra2017/ra_10963_2017.html
- RA11976 Section45(c), micro and small taxpayer concession; https://lawphil.net/statutes/repacts/ra2024/ra_11976_2024.html
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