MANILA, Philippines – The Bureau of Internal Revenue (BIR) set a strict deadline for filing 2018 income tax returns on Monday, April 15. Failure to do so will mean penalties.
Those who will not be able to file on Monday will have to pay a 25% surcharge of the amount due, a 12% delinquency interest per annum, as well as compromise penalties. (READ: BIR sets higher collection goal in 2019 after missing 2018 target)
Minimum wage earners and individuals whose gross compensation income does not exceed P250,000, while exempt from taxes, still need to fill out and file BIR Form No. 1700. The forms can be downloaded at the BIR website.
Individuals who are earning purely compensation income also need to fill out BIR Form No. 1700 and manually file tax returns.
Professionals, mixed income earners, single proprietors, estates, and trusts will have to fill out BIR Form Nos. 1701 and 1701A. (READ: #AskTheTaxWhiz: Should I use BIR Form No. 1701 or 1701A?)
Individuals with two or more employers and receiving pure compensation income will need to fill out BIR Form No. 1700 and file it at his or her respective revenue district office.
The BIR forms have been shortened to at most 4 pages from 12, due to the rules stated under the Tax Reform for Acceleration and Inclusion law.
Payment of taxes may be done manually through the authorized agent banks or with revenue collection officers.
Online payment can also be done through GCash, systems of the Land Bank of the Philippines and Development Bank of the Philippines, or the Electronic Filing and Payment System.
Tax filing assistance centers were set up at BIR revenue district offices to assist taxpayers with electronic filing and payment concerns. – Rappler.com