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

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

• A. P1,000
• B. P25,000
• C. P10,000
• D. P50,000

Answer: (B)

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.