Practice question
A valid notice demands PHP100,000 deficiency plus PHP10,000 lawful surcharge, both unpaid at its due date. For an agreed lawful quarter-year delinquency period, the stipulated interest base is PHP110,000 and annual rate 12%; no other increment or relief applies. What is the interest?
- PHP3,300.
- PHP110,000.
- PHP33,000.
- PHP30 only.
- Zero because every surcharge is categorically excluded.
Legal references
- NIRC Sections204,206-208,222-223 and248-249, as applicable and amended: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
- RA10963 Section75, amended NIRC249: https://lawphil.net/statutes/repacts/ra2017/ra_10963_2017.html
- RA11976 Sections41 and45, EOPT surcharge and specified concessions: https://lawphil.net/statutes/repacts/ra2024/ra_11976_2024.html
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