What is the maximum penalty under Sec. 250 per calendar year for failure to file information returns or keep required records?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $24.99Unlock all

Prepare for the Tax Administration Fishbowl Test with flashcards and multiple choice questions. Each question comes with hints and explanations. Get exam ready!

Multiple Choice

What is the maximum penalty under Sec. 250 per calendar year for failure to file information returns or keep required records?

Explanation:
Sec. 250 sets penalties for failing to file information returns or to keep required records, with a cap of 25,000 pesos for any given calendar year. This means that, in one year, the total civil penalty you could face for this failure cannot exceed 25,000, even if there are multiple instances of noncompliance. The other amounts shown are either lower than this cap or exceed it, so they aren’t the maximum allowed under the statute.

Sec. 250 sets penalties for failing to file information returns or to keep required records, with a cap of 25,000 pesos for any given calendar year. This means that, in one year, the total civil penalty you could face for this failure cannot exceed 25,000, even if there are multiple instances of noncompliance. The other amounts shown are either lower than this cap or exceed it, so they aren’t the maximum allowed under the statute.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy