REVENUE MEMORANDUM CIRCULAR NO. 31-2012 issued on July 13, 2012 reiterates the policies and guidelines in the computation of penalties on dishonored checks, as provided under Sections II and III of Revenue Memorandum Order No. 19- 2007.
         Section 275 of the National Internal Revenue Code of 1997, as amended, provides that “Any person who violates any provision of this Code or any rule or regulations promulgated by the Department of Finance, for which no specific penalty is provided by law, shall, upon conviction for each act or omission, be punished by a fine of not more than One Thousand Pesos (P1,000) or suffer imprisonment of not more than six (6) months, or both.”