Tax Digest
Volume 9,
Series 54
Supplemental Information of 1700 and 1701 BIR Forms, Now Mandatory

It explains that the first two paragraphs of RMC No. 57-2011, which was amended in 2015, under RMC 13-2015 states that for the calendar year 2015, the disclosure of the supplemental information of the BIR forms such as 1700 and 1701 would be optional for the taxpayer, which is due for filing on or before April 15, 2016.

Now, for calendar year 2016, under the latest amendment or RMC No. 41-2016, it would be mandatory for the individual taxpayers to disclose the supplemental information on these forms. They should also be responsible enough to list all their transactions by completing the BIR form 2306 whether they are subjected to final tax or tax-exempted.

Revenue Memorandum Circular No. 41-2016, April 1, 2016
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