May 4, 2020 | 12:31 am [ bworldonline.com ]
“The extension of due dates shall be made applicable throughout the Philippines. If the new extended due dates fall on a holiday or non-working day, then, the submission and/or filing contemplated herein shall be made on the next working day,” the regulation read.
From its original deadline of April 15, it had been previously extended to May 15 and later to May 29.
The BIR said taxpayers who are able to file “can amend their tax returns at any time” before the new due date. Amendments that will result in additional tax payment will not incur penalties, including surcharge, interest and compromise penalties if it will be paid within the extended deadline.
THE deadline for the filing and payment of annual income tax returns (ITR) has been moved for a third time, following the extension of the enhanced community quarantine in high risk areas in the country.
The Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 11-2020 dated April 29, extending the deadline for the filing and payment of ITRs to June 14, from the original schedule of April 15.
Since June 14 falls on a Sunday, BIR Deputy Commissioner for Operations Arnel S.D. Guballa said in a mobile phone message that the new ITR filing and payment deadline will be on June 15 (Monday).
“The extension of due dates shall be made applicable throughout the Philippines. If the new extended due dates fall on a holiday or non-working day, then, the submission and/or filing contemplated herein shall be made on the next working day,” the regulation read.
From its original deadline of April 15, it had been previously extended to May 15 and later to May 29.
The BIR said taxpayers who are able to file “can amend their tax returns at any time” before the new due date. Amendments that will result in additional tax payment will not incur penalties, including surcharge, interest and compromise penalties if it will be paid within the extended deadline.
“A taxpayer whose amended returns will result in overpayment of taxes paid, can opt to carry over the overpaid tax as credit against the tax due for the same tax type in the succeeding periods’ tax returns, aside from filing for claim for refund,” it added.
The Cut-off period for availing of the tax amnesty return on delinquencies was also extended until June 22 from the original schedule of April 23.
BIR has also extended the deadline for filing and payment of other returns including the monthly value-added tax (VAT) declaration for the months of February, March and April to May 19, June 4 and June 19, respectively. It also moved the deadline for the withholding tax return on compensation for March and April to June 9.
Declaration of documentary stamp tax for the months of March and April can be done until June 4.
It also set new deadlines for other returns including filing of donor’s tax, estate tax and excise taxes, among others.
In case of another lockdown extension, the BIR said the new deadlines are “allowed further extension of 15 calendar days.”
The enhanced community quarantine (ECQ) was extended until May 15 in Metro Manila and other high-risk areas while other areas transitioned to a more relaxed general community quarantine (GCQ) on May 1.
Tax collections of BIR slumped in April following deferment of tax payment deadlines for income tax returns and other returns.
Data showed it only collected P25.01 billion in April 1-17, or 8.66% of its P288.75-billion target for the entire month. This was also 89.5% lower than the P237.93 billion collected in April 2019. — Beatrice M. Laforga
________________________________________________
