Practice question
An ordinary taxpayer does not qualify for the micro or small concession. For an agreed lawful six-month interest period on P 100,000, the applicable annual simple-interest rate is stipulated at 12%. No overlap, other increment or special relief applies. How much interest accrues for that stipulated half-year?
- P 12,000
- P 6,000
- P 3,000
- P 100,000
- P 0
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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