Practice question
Under amended Section 249(A), the general tax-interest rate is linked to what benchmark?
- Double the BSP-set legal interest rate for loans or forbearance without express stipulation
- Whatever rate the collecting officer chooses
- Every bank's highest credit-card rate
- The taxpayer's preferred savings rate
- A permanently fixed 20% regardless of amendments
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
Answer this question in flashcards to review your response and continue practicing.