BIR extends deadline of ITR filing to May 15

BIR extends deadline of ITR filing to May 15

Legal & Compliance

GlobalLinker Staff

GlobalLinker Staff

20 Mar 2020, 13:00 — 2 min read

In light of Covid-19 pandemic, the Bureau of Internal Revenue (BIR) has extended the deadline for the filing of 2019 annual income tax returns (ITRs) by a month to May 15, 2020, according to a Revenue Memorandum Circular (RMC) 28-2020 dated on March 18 and signed by Commissioner Caesar Dulay.


However, the agency appealed to those ready to file their ITRs on or before the original April 15 to do so, to help the national government raise enough funds to combat COVID-19.


As per the RMC, the one-month extension for ITR filing and payment has been granted without the imposition of penalties on taxpayers.


"This emergency measure is being offered to provide relief to Filipino taxpayers who will not be able to prepare, let alone file, the necessary ITR documents on or before the original annual deadline of April 15 because of skeletal workforce arrangements and enhanced community quarantine rules that the national government has implemented to contain the pandemic," the BIR said.
 

Also read: Economic impact of enhanced community quarantine


Because of the extension, the BIR noted that this will lead to unintended delay and shortfall in tax collection of around P145 billion, which may have to be covered by additional borrowings by the national government.

 

Image source: freepik.com

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