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‘Tis the season of ITR filing!

The deadline of filing and/or payment of our Annual Income Tax Return is fast approaching, so we must be ready on April 17, 2017 as the declared deadline of the Bureau of Internal Revenue (BIR), and here are some reminders from the BIR from its latest issuance on Revenue Memorandum Circular (RMC) No. 28-2017:

However, there are certain exceptions under the “No Payment Returns” for individuals, who may file manually with the RDO they are registered with using officially printed forms, photocopied or electronic/ computer-generated returns, to wit:

  1. Senior Citizens (SC) or Person with Disabilities (PWDs) filing their own return;
  2. Employees deriving purely compensation income from:
    1. two or more employers, concurrently or successively at any time during the taxable year; or
    2. a single employer, although the income of which has been correctly subjected to withholding tax, but whose spouse is not entitled for substituted filing.
    3. Employees qualified for substituted filing under RR No. 2-98, as amended but opted to file for an ITR and are filing for purposes of promotion, loans, scholarship, foreign travel requirements, etc.

In addition, the Summary Alphalist of Withholding Taxes (SAWT) using the Data Entry Module of the BIR shall be emailed to esubmission@bir.gov.ph.

The BIR directed RDOs, LTDs and all AABs shall receive the income tax returns by stamping the official receiving seal for not more than three (3) copies of the returns, however, in case of corporations and other juridical persons, there shall be at least two (2) extra copies of Audited Financial Statement (AFS) for filing with the Securities and Exchange Commission (SEC) that will be stamped as RECEIVED. Moreover, the attached AFS shall only be stamped received in the following pages:

  1. Audit Certificate;
  2. Statement of Financial Position;
  3. Statement of Comprehensive Income and/or its equivalent; and
  4. Statement of Management’s Responsibility.

Finally, the supplemental information for BIR Form Nos. 1700 and 1701 is optional on the part of the individual taxpayer filing the ITR starting with calendar year 2016.

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