Practice question
A validly classified small taxpayer incurs an ordinary nonfraud Section 248(A) surcharge on P 80,000 tax due. Eligibility for the EOPT 10% concession is established and no further adjustment applies. What is the surcharge alone?
- P 80,000
- P 40,000
- P 20,000
- P 0
- P 8,000
Legal references
- NIRC Section248(A), as amended by RA11976 Section41; RA11976 Section45(b); https://lawphil.net/statutes/repacts/ra2024/ra_11976_2024.html
- NIRC Section248(B); https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
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