3 Sep 2020, 14:50 — 2 min read
This tax alert is issued to inform all concerned about the further extension of the deadline for registering online businesses and paying taxes on past transactions without penalty as per Revenue Memorandum Circular (RMC) No. 92-2020 issued on September 1, 2020 by Bureau of Internal Revenue. (BIR)
From the previous extended deadline of August 31, 2020, such sellers are now given until September 30, 2020 to register and pay taxes without penalty. Previously, under RMC No. 60-2020 issued by BIR, all persons doing business and earning income in any manner or form, specifically those into digital transactions through the use of any electronic platforms and media, and other digital means, have been allowed to register their businesses and pay taxes on past transactions without penalty.
In RMC No. 92-2020, Internal Revenue Commissioner Caesar R. Dulay stressed that there was "a surge of registrants in various revenue district offices that are trying to beat the deadline. Considering this and the Bureau's resource constraints at this time of quarantine protocols due to COVID-19 pandemic, the deadline is further extended to September 30, 2020."
Failure to comply with registration/update of requirements and/or fails to pay taxes for past taxable transactions beyond September 30 will be penalized as provided under the Tax Code.
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Posted byYusoph Aquino Maute
Yusoph is a senior manager in the Audit & Assurance Division of P&A Grant Grant Thornton. He is concurrently designated as senior manager of the Firm’s Technical...
16 Apr 2021, 12:30