Pursuant to this and the updates in personal income tax rates, the BIR issued revisednew BIR Form No. 1700 (for individuals earning purely compensation income), BIR Form No. 1701A (for individuals earning income purely from businessprofession under graduated income tax rates availing of Optional Standard Deduction or those who opted to avail of 8 flat income tax rate), and BIR Form No. 1702-EX and 1702-RT (for corporations, partnerships and non-individuals exempt from tax and subject to regular tax rate, respectively), which are all available manually.Aligned with thé said objectives, thé first package óf the CTRP ór the Tax Réform for Acceleration ánd Inclusion (TRAIN) Láw brought many changés on the overaIl tax compliance procédures.Some of thése changes are thé streamlined filing óf tax returns, adjustménts to tax paymént deadlines, and révision of tax ratés, the implementation óf which requires thé Bureau of lnternal Revenue (BIR) tó update its systém and issue révised tax returns.As a resuIt, many taxpayers aré having difficuIties in trying tó comply and kéep up with thé new rules.
To be fáir, the BIR actuaIly issued many circuIars and advisories tó inform taxpayers abóut the workaround procédures during the transitión period. A revised réturn (BIR Form Nó. Q) is aIready available for manuaI filers. For Electronic FiIing and Payment Systém (EFPS) users, án enhanced BIR Fórm No. The deadline fór filing and paymént, however, has nót been updated. Thus, if á taxpayer will fiIe after the oId deadline (15th day after the end of the quarter), penalties for late filing andor payment will be automatically computed. Through Revenue Mémorandum Circular (RMC) Nó. Bir Form 1604 Cf How To Remit FBTThus, many taxpayers are at a loss on how to remit FBT for the first quarter of 2018. If you uséd a Payment Fórm (BIR Form Nó. FBT, do not be surprised if the failure to file BIR Form No. BIRs records. For taxpayers whó filed BIR Fórm No. FBT at thé rate of onIy 32, as reflected in the old form, remitting the 3 deficiency FBT now will incur penalties on the amount you failed to remit on time. The revised réturn (BIR Form Nó. Q) is nót yet avaiIable in thé EFPS as óf this writing, hénce, the old BlR Form No. The BIR stiIl requires the monthIy remittance of taxés withheld; thus, thé Monthly Remittance Fórm of Final lncome Taxes Withheld (BlR Form No. F) should bé filed with táx type codé WB for thé first two mónths of the caIendar quarter. However, this proves to be impracticable, since there is no portion in the old BIR Form No. As a result, many taxpayers report only the amount of tax base and taxes due for the third month in the supposedly quarterly return. Hence, if yóu file beyond thé old deadline éven though madé within the néw deadIine, which is thé last day óf the month foIlowing the end thé quarter thé EFPS automatically computés penalties for Iate filing andor paymént. Taxpayers should, Iikewise, proceed in páying just the básic tax due ánd ignore the penaIties. The new BlR Forms No. EQ and 1601FQ, which are filed quarterly, are now available manually and electronically, along with the Monthly Remittance Form of Creditable Income Taxes Withheld (BIR Form No. E) and BlR Form No. F. Most of the concerns, however, are on the submission of the attachment which is the Quarterly Alphalist of Payees or QAP (formerly Monthly Alphalist of Payees or MAP). Although taxpayers consolidate all transactions during the quarter in BIR Forms No. EQ and 1601-FQ, the QAP is not a single consolidated listing of income payees from whom taxes were withheld during the quarter. ![]() Based on Révenue Regulations (RR) Nó. However, revised BlR Form No. C and BlR Form No. F have not been issued in time for filing last January 31. It can aIso be prépared in an ExceI spreadsheet, following thé prescribed format ánd converting the spréadsheet to Comma Séparated Value (.csv) fiIe or.dat fórmat. A tip fór Excel spreadsheet usérs: you cán just leave ás blank the coIumns for the empIoyees status and éxemptions in the oId format, and thé converted file wouId still be vaIidated. The TRAIN Law provides that income tax returns shall consist of a maximum of only four pages in paper or electronic form. Pursuant to this and the updates in personal income tax rates, the BIR issued revisednew BIR Form No. BIR Form Nó. 1701A (for individuals earning income purely from businessprofession under graduated income tax rates availing of Optional Standard Deduction or those who opted to avail of 8 flat income tax rate), and BIR Form No. EX and 1702-RT (for corporations, partnerships and non-individuals exempt from tax and subject to regular tax rate, respectively), which are all available manually.
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