MANILA, Philippines – Did you miss the income tax return (ITR) filing

deadline on April 15? If yes, you will have to pay the price.

Republic Act 8424 or the Tax Reform Act of 1997 imposes penalties on
late filers, as well as persons who commit tax-related offenses.
(READ: Why do we pay taxes?)

In general, if you missed the April 15 deadline, you should pay 25% of
the tax amount due plus 20% interest per annum (from the
deadline until the amount is fully paid), on top of the tax you are
required to pay.

The 25% surcharge is also imposed if you file your ITR with the wrong
internal revenue officer.