TAX NOTES

BIR Form No. 1701Q now available

The form was revised due to the implementation of the Tax Reform for Acceleration and Inclusion Law. Taxpayers must use the newly revised return in filing and paying the quarterly income tax return beginning the first quarter of 2018.

Manual filers must download the PDF version of the return, which is already available in the BIR Forms – Income Tax Return section of the BIR website. Electronic BIR Forms (eBIRForms) and Electronic Filing and Payment System (eFPS) filers must use the newly revised return in Offline eBIRForms Package v7.1. The revised return is not yet available in the eFPS.

Any income tax due may be paid through the following channels:

a. Manual payment via:

    -Authorized Agent Bank located within the territorial jurisdiction of the revenue district office (RDO) where the taxpayer is registered, or

    -In the absence of the former, the concerned revenue collection officer, through the electronic mobile revenue collection office system                 under the jurisdiction of the RDO.

b. Online payment via:

    -GCash mobile payment,

    -Land Bank of the Philippines Linkbiz Portal, or

    -Development Bank of the Philippines Tax Online.

If the old return was used in filing and paying the income tax due for the first quarter, the taxpayer is still required to file using the newly revised return.

The accomplished newly revised return should be marked as an amended return. Any payment made using the old return should be indicated in Item No. 59 of the newly revised return.

Taxpayers must signify their intention to opt for the eight percent income tax rate either by updating their registration using BIR Form No. 1905 or by checking/clicking Item No. 13 in BIR Form No. 2551Q or Item No. 16 in BIR Form No. 1701Q.

The election or option will be irrevocable for the taxable year.

Please be guided accordingly.

Source: P&A GRANT THORNTON

Certified Public Accountants Punongbayan & Araullo (P&A) is the Philippine member firm of Grant Thornton International Ltd.

 

As published in SunStar Cebu dated 22 May 2018.