Is there a new deadline for filing the annual income tax return (ITR)? Would there be a penalty if I amend the filed return and it results in additional tax due? If it results in overpayment, what is my remedy?
The deadline for filing the annual ITR is not extended, but the taxpayer can file a “tentative return” on or before April 18, 2022, and amend the return on or before May 16, 2022, without having to pay interest, surcharge, or penalties.
If the amendment results in overpayment, the taxpayer can opt to carry over the overpaid tax as credit against income tax due in the succeeding period or file for a refund.
What if my company is using eFPS, but the return is not available? How can we file and pay income tax due?
If the newly created returns are not yet available in the eFPS facility, the taxpayer shall file the return using the eBIRforms system.
If your company is using eFPS, tax filing and payment shall follow these guidelines:
|BIR Form||Filing Facilities||Payment Facilities|
|BIR Form 1702-RT (with or without payment)||eFPS||eFPS|
|BIR Form 1702-EX (with or without payment)||eBIRForm||eFPS using BIR Form No. 0605|
|BIR Form 1702-MX (with or without payment)||eBIRForm||eFPS using BIR Form No. 0605|
Since the annual ITR for 2021 can be amended without penalties until May 16, 2022, is the submission of required attachments also extended? What are the required attachments?
The submission of required attachments is not extended. Based on Revenue Memorandum Circular No. 44-2022, the submission of required attachments for manual filers shall be upon filing of the annual ITR, while for eBIRForms and eFPS filers, the submission must be within 15 days from the date of electronic filing which is April 30, 2022, or the deadline of filing of the return, whichever comes later.
For those who amended their return on or before May 16, 2022, the required attachments shall be submitted on or before May 31, 2022, to the revenue district office’s Large Taxpayers Service/Large Taxpayers District Office where the taxpayer is registered or electronically through the Electronic Audited Financial Statements (eAFS) System of the BIR.
The required attachments are the following:
- Certificate of Independent CPA duly accredited by the BIR
- Audited Financial Statements (AFS)
- Notes to AFS
- Statement of Management Responsibilities
- BIR Form No. 1709 – Information Return on Transaction with Related Party, if applicable
- BIR Form No. 2307 – Certificate of Creditable Tax Withheld at Source
- Validation Report of Summary Alphalist of Withholding Taxes submitted through email@example.com
The signatory of our AFS is currently outside the Philippines. Can they use an e-signature to sign the AFS and tax returns?
Yes. Pursuant to Republic Act No. 8792 or the Electronic Commerce Act of 2000, an e-signature by the taxpayer or an authorized representative shall be deemed equivalent to an actual signature or “wet signature” for filing purposes.
Avoid the rush and hassle of filing your ITRs manually. Download the TaxWhizPH mobile app for free and file BIR Form 1701 or 1701A for individual taxpayers anytime and anywhere. The app is accredited by the BIR. You may also ask your tax questions via chat on the app free of charge.
Mon Abrea, CPA, MBA, is the co-chair of the Paying Taxes-EODB Task Force. With the TaxWhizPH mobile app as his brainchild, he was recognized as one of the Outstanding Young Persons of the World, an Asia CEO Young Leader, and one of the Ten Outstanding Young Men of the Philippines because of his tax advocacy and expertise. Currently, he is the chairman and CEO of the Asian Consulting Group and trustee of the Center for Strategic Reforms of the Philippines – the advocacy partner of the Bureau of Internal Revenue, Department of Trade and Industry, and Anti-Red Tape Authority on ease of doing business and tax reform. Visit www.acg.ph for more information or email him at firstname.lastname@example.org and download the TaxWhizPH app for free if you have tax questions.