NEW BIR TAX PAYMENT SCHEDULE

NEW BIR TAX PAYMENT SCHEDULE

Form No.	Requirement	Deadline for manual filers
0605	Payment Form 0 Annual Registration	January 31
1601-C	Monthly Remittance Return of Income Taxes Withheld on Compensation	Every 10th day of after the end of each month
1619-E	Monthly Remittance Form for Creditable Income Taxes WIthheld (Expanded)	Every 10th day of after the end of each month
1619-F	Monthly Remittance Form for Final Income Taxes Withheld	Every 10th day of after the end of each month
1601-EQ	Quarterly Remittance Return of Creditable Income Taxes Withheld (Expanded) (together with the Quarterly Alphabetical List of Payees)	Every Last Day of the month after the end of each quarter
1601-FQ	Quarterly Remittance Return of Final Income Taxes Withheld	Every Last Day of the month after the end of each quarter
1604-CF	Annual Information Return of Income Taxes Withheld on Compensation of Final Withholding Taxes	January 31
1604-E	Annual Information Return of Creditable Income Taxes Withheld (Expanded)	March 1
2550-M	Monthly Value Added Tax Declaration	Every 20th day after the end of each month
2551-M	Monthly Percentage Tax Return	Every 20th day after the end of each month
2550-Q	Quarterly Value Added Tax Return	Every 25th day after the end of each month
2551-Q	Quarterly Percentage Tax Return	Every 25th day after the end of each month
1701	Annual Income Tax Return (for self-employed individuals)	April 15
1701-Q	Quarterly Income Tax Return (for self-employed individuals)
	- 1st Quarter	May 15 or 45 days after end of each quarter
	- 2nd Quarter	August 15 or 45 days after end of each quarter
	- 3rd Quarter	November 15 or 45 days after end of each quarter
1702	Annual Income Tax Return (for corporations and partnerships)	April 15
1702-Q	Quarterly Income Tax Return (for corporations and partnerships)
	- 1st Quarter	May 29 or 60 days after end of each quarter
	- 2nd Quarter	August 29 or 60 days after end of each quarter
	- 3rd Quarter	November 29 or 60 days after end of each quarter
2000	Documentary Stamp Tax Declaration	5th day after the end of transaction month
1905	Registration renewal of manual books of accounts	December 29
1905	Registration for New Corporation
1902	Registration for Single Proprietor
1900	Registration of computerized books of accounts and other accounting records (together with affidavit attesting the completeness of the computerized accounting books/records)	January 30 or 30 days after the end of the fiscal year
1900	Registration of permanently bound computer-generated/loose leaf books of accounts and other accounting records	January 15 or 15 days after the end of the fiscal year
no form	Submission of Inventory List	January 30 or 30 days after the end of the fiscal year

NOTE:

* If the deadline falls on Saturday, Sunday or holiday, the next working day will be the deadline.

For more info and  inquiries,  please feel free to consult  us or email us ione.mejia@gmail.com.

WHAT'S INSIDE THE TAX AMNESTY BILL?

WHAT'S INSIDE THE TAX AMNESTY BILL?

THE TAX AMNESTY BILL IS ENTITLED AS " AN ACT ENHANCING REVENUE ADMINISTRATION AND COLLECTION BY GRANTING AN AMNESTY ON ALL UNPAID INTERNAL REVENUE TAXES IMPOSED BY THE NATIONAL GOVERNMENT FOR THE TAXABLE YEAR 2017 AND PRIOR YEARS WITH RESPECT TO ESTATE TAX, OTHER REVENUE TAXES, AND TAX ON DELINQUENCIES. "

The Tax Amnesty Bill  has already passed by the bicameral committee ( the Senate and the House of Representative).  The bill then will be submitted to the President for his final approval and signature.

It would grant those who have failed to pay for taxable year 2017 and prior years a one-time opportunity to settle tax obligations. 

Under the bill, there will be 3 types of tax amnesty: 

a) General Tax Amnesty;

 b) Tax Amnesty on Delinquencies; and 

c) Estate Tax Amnesty. The following are the salient provisions of the bill:

Here's a summary of what's inside the bill:

GENERAL TAX AMNESTY (GTA)

The GTA covers all national internal revenue taxes such as, but not limited to, 

1. income tax, 

2. withholding tax (except those withheld but not remitted),

3. capital gains tax, donor’s tax, 

4.VAT,

5.  other percentage taxes, 

6. excise tax and 

7.DST collected by the BIR, 

8. including VAT and excise taxes collected by the Bureau of Customs (BOC) for taxable year 2017 and prior years, with or without existing assessments, that have remained unpaid.

Any person, whether natural or juridical, has the following options to avail of the GTA:

Option 1 – Pay an amnesty tax at the rate of 2% of the taxpayer’s Total Assets as of December 31, 2017 as declared in the SALN.

Option 2 – Pay an amnesty tax based on Total Net Worth as of December 31, 2017 as declared in the SALN at the following rates:

Individual (whether resident or non-resident citizens, including resident or non-resident aliens), Trusts and Estates
5% of the Net worth or P75,000, whichever is higher

Corporations:

With subscribed capital of above P50 million
5% or P1,000,000, whichever is higher

With subscribed capital of above P20 million up to P50 million
5% or P500,000, whichever is higher

With subscribed capital of P5 million up to P20 million
5% or P250,000, whichever is higher

With subscribed capital of below P5 million
5% or P100,000, whichever is higher

Other juridical entities, including, but not limited to, cooperatives and foundations, that have become taxable as of December 31, 2017
5% or P75,000, whichever is higher

The GTA shall be availed of within 1 year from the effectivity of the IRR by filing a sworn General Tax Amnesty Return, with the notarized SALN as of December 31, 2017.

The Statement of Total Assets and SALN shall be conclusively presumed as true, correct, and final upon filing and shall be deemed complete upon full payment of the amount due.

The taxpayer shall be entitled to a corresponding reduction in the total amnesty tax due if the tax amnesty is availed of within the following periods:

If paid on or before the end of the 3rd calendar month from the effectivity of the IRR
20%

If paid after the end of the 3rd calendar month until the end of the 6th calendar month from the effectivity of the IRR
15%

If paid after the end of the 6th calendar month until the end of the 9th calendar month from the effectivity of the IRR
10%

TAXPAYERS WHO AVAIL OF THE GENERAL TAX AMNESTY (GTA) SHALL BE ENTITLED TOT HE FOLLOWING IMMUNITIES AND PRIVILEGES: 

With respect to the years covered by the GTA, the taxpayer shall be immune from the payment of taxes and additions thereto, as well as the related civil, criminal, administrative cases and penalties under the Tax Code, arising from the failure to pay any and all internal revenue taxes for taxable year 2017 and prior years, insofar as they relate to the assets, liabilities, net worth, and internal revenue taxes that are subject of the amnesty.

Any information or data contained in the Tax Amnesty Return, Statement of Total Assets or SALN, and appurtenant documents shall be confidential and shall not be used as evidence in any investigation or prosecution before any judicial, quasi-judicial and administrative bodies.

THE BOOKS OF ACCOUNT S AND RECORD OF THE TAX PAYER FOR THE YEARS COVERED BY THE TAX AMNESTY SHALL NOT BE EXAMINED BY THE BIR

TAX AMNESTY ON DELINQUENCIES (TAD)

The TAD covers all national internal revenue taxes such as, but not limited to,

1.income tax, withholding tax (including those withheld, but not remitted), 

2. capital gains tax, 

3. donor’s tax, 

4. VAT, 

5. other percentage taxes, 

6. excise tax 

7. and DST collected by the BIR, 

8. including VAT and excise taxes collected by the BOC for taxable year 2017 and prior years.Below are the instances when TAD may be availed and the corresponding tax amnesty rates:

Delinquencies and assessments, which have become final and executory
- 40% of the basic tax assessed

Tax cases subject of final and executory judgment by the courts
- 50% of the basic tax assessed

Pending criminal cases with the Department of Justice (DOJ) or the courts for tax evasion and other criminal offenses under Chapter II of Title X and Section 275 of the Tax Code
- 60% of the basic tax assessed

Withholding tax agents who withheld taxes but failed to remit the same to the BIR

- 100% of the basic tax


Those are the salient of features of the Tax Amnesty bill.
Hit us for more information. 

Got question or suggestion? Tax help? Email us: ione.mejia@gmail.com