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I’m not rich! Why should I care about taxes?
- If you fail to file an income tax return, there is a surcharge of 25% to 50% of the tax due and interest of 20% per year computed from the date the tax was due until it is paid.
- If you are convicted of tax evasion, you will have to pay a fine of P30,000 to P100,000 and go to prison for two to four years.