THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 134-2019, announcing the availability of the revised BIR Form 1702-EX (Annual Income Tax Return for Corporation, Partnership and Other Non-Individual Taxpayer EXEMPT under the Tax Code, as Amended, [Sec. 30 and those exempted in Sec 27(C) and Other Special Laws, with NO Other Taxable Income]) January 2018 (ENCS) version 2.
The aforesaid return adopts the provisions of the Tax Reform for Acceleration and Inclusion Law.
The revised manual return is available on the BIR website (www.bir.gov.ph) under the BIR Forms-Income Tax Return Section and in Offline Electronic Bureau of Internal Revenue Forms (eBIRForms) Package v7.5. However, the form is not yet available on the Electronic Filing and Payment System (eFPS); thus, eFPS filers shall momentarily use Offline eBIRForms Package v7.5 to file the said return.
BIR Form 1702-RT (Annual Income Tax Return for Corporation, Partnerships and Other Non-Individual Taxpayers subject only to the Regular Income Tax Rate) January 2018 (ENCS) is also available in Offline eBIRForms Package v7.5.
The revised BIR Form 1702-EX January 2018 (ENCS) shall take effect beginning the taxable year ended Dec. 31, 2019.
Please be guided accordingly.
Source: P&A Grant Thornton
Certified Public Accountants
As published in SunStar Cebu, dated 07 January 2020