As we gear towards year-end, corporations and individuals engaged in business are busy preparing their financial statements and income tax returns to comply with the requirements of the different regulatory agencies such as the Securities and Exchange Commission and the Bureau of Internal Revenue (BIR). The part of the BIR is to ensure that their online and offline filing facilities are up-to-date to serve taxpayers well.

On December 1, 2023, the BIR issued Revenue Memorandum Circular (RMC) No. 122-2023 which announced the availability of the Offline eBIRForms Package Version This new version introduces updated Income Tax Returns for both individuals and corporations. To note, here are some of the modifications made to the new version:

1. Additional ATC codes for BIR Form No. 1702-RTv2018C or the annual income tax return for corporations, partnerships, and other non-individual taxpayers subject only to regular income tax rate;

2. Updated the 2023 income tax rates for the following returns:

a. 1700v2018 – Annual income tax return for individuals earning purely compensation income (including non-business/non-profession-related income)

b. 1701v2018 - Annual income tax return for individuals (including mixed-income earner), estates, and trusts

c. 1701A - Annual income tax return for individuals earning income purely from business/profession (those under the graduated income tax rates with OSD as mode of deduction or those who opted to avail of the 8% flat income tax rate)

3. Bug fixes for BIR Form No. 1702-MXv2018C - Annual income tax return for corporations, partnerships, and other non-individuals with mixed income subject to multiple income tax rates or with income subject to special/preferential rates.

Taxpayers who are mandated to file using the eBIRForms facility are required to update to this new package to avoid penalties for filing incorrect returns. This new package can be downloaded through the following websites:



Please be guided accordingly.



P&A Grant Thornton

Certified Public Accountants

P&A Grant Thornton is the Philippine member firm of Grant Thornton International Ltd.


As published in SunStar Cebu , dated 12 December 2023