This new RMC brought some clarifications within the imposition of penalties and interests when it comes to filing an amended return.
Revenue Memorandum Circular No. 54-2018 clarifies the imposition of surcharge, interests and compromise penalties for filing amended returns and its interest rate, as amended by Republic Act No. 10963, also known as the Tax Reform for Acceleration and Inclusion (also known as TRAIN Law.
To obtain a full PDF copy of this revenue memorandum circular, kindly click this link.