248 week ago — 3 min read
The Bureau of Internal Revenue (BIR) has further extended the deadline to file and pay your taxes, and issued guidelines for filing and paying taxes in light of the COVID-19 pandemic.
Due to the extension of the quarantine period to May 15, BIR issued Revenue Regulation No. 11- 2020 (RR 11-2020) further extending the deadlines to file your annual Income Tax Return (ITR) for calendar year ending December 31, 2019 to June 14, 2020.
BIR also extended the deadlines to file other tax documents and pay taxes. For a complete list of extended deadlines, you can refer to RR 11-2020 here.
If the quarantine is further extended then the deadlines under RR 11-2020 will be extended for another 15 calendar days.
Also read: Managing cash flows during a period of crisis
BIR also issued guidelines for filing and paying income tax returns for taxable year 2019 in Revenue Memorandum Circular (RMC) No. 42-2020. Taxpayers who will be: (a) filing manually; (b) using Offline eBIRForms Package; (c) or are enrolled under the Electronic Filing and Payment System (eFPS) should pay according to the guidelines in RMC 42-2020, accessible here.
The BIR also issued RMC No. 43-2020 allowing taxpayers to:
The payment of internal revenue taxes in cash should not exceed Php 20,000.00, while those for check payment will have no limitation if the same is made with the RCO in the district office during the quarantine period. In addition, all checks should be made payable to the BIR and the name of the receiving AAB branch may no longer be indicated in the check for tax payment. You can read RMC 43-2020 here.
Be sure to check if your business is required to file any tax return and/or document which has been affected by the above-mentioned extension of deadlines.
If yes, your business can take advantage of the additional time to prepare the requirements and pay according to the BIR guidelines.
Also read: Taxumo launches #ATimeForHope campaign
Image source: Freepik
To explore business opportunities, link with me by clicking on the 'Invite' button on my eBiz Card.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
Most read this week
Comments
Share this content
Please login or Register to join the discussion