(Revenue Memorandum Circular No. 52-2023, issued on May 10, 2023)
This Tax Alert is issued to inform all concerned on the optional filing and payment of monthly VAT returns for VAT-registered taxpayers.
VAT-registered taxpayers may now opt to still file VAT returns on a monthly basis using BIR Form No. 2550-M for the first two months of the quarter.
Under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, VAT registered taxpayers are no longer required to file the Monthly VAT Declaration (BIR Form 2550M) but will instead file the corresponding Quarterly VAT Return (BIR Form 2550Q).
However, due to the request of certain taxpayers, filing and payment of BIR Form 2550M is now allowed. Should taxpayers choose to file monthly, they are still required to file the quarterly VAT return (BIR Form No. 2550-Q) within twenty-five (25) days following the end of the taxable quarter.
Meanwhile, there shall be no deadline to be observed for the filing of the monthly VAT returns. No penalties shall also be imposed for shifting from monthly to quarterly filing, or vice versa.
The procedures and guidelines prescribed by Revenue Regulations (RR) Nos. 16-2005, 6-2014, Revenue Memorandum Circular (RMC) No. 68-2005, and other revenue issuances in relation to the use of BIR Form No. 2550-M shall continue to apply for the monthly filing.
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