Tax Notes

Use of eAFS System for the submission of attachments to the Income Tax Returns (ITR) of .....

IN RELATION to the provisions of Revenue Memorandum Circular (RMC) 49-2020 on the use of electronic Audit Financial Statements (eAFS) System in the submission of attachments to the 2019 Filed Income Tax Returns (ITRs), the Bureau of Internal Revenue (BIR) issued RMC 82-2020 on Aug. 11, 2020. The Circular was issued to inform all concerned taxpayers on the expanded coverage of the eAFS System.

Taxpayers can now use the eAFS system when submitting attachments to their annual and quarterly ITRs. This now includes taxpayers with fiscal-year accounting period.

The three categories for each group of scanned documents for manually and electronically filed documents prescribed under the provisions of Item II of RMC 49-2020 shall still be observed, except for the naming convention of the files, as follows:

a. File 1 - Income Tax Return – EAFSXXXXXXXXXITRTYMMYYYY

b. File 2 - Audited Financial Statements – EAFSXXXXXXXXXAFSTYMMYYY

c. File 3 - Other Attachments - EAFSXXXXXXXXXOTHTYMMYYYY-01

Where : XXXXXXXXX is the nine-digit TIN

: TY is the placeholder for taxable year to identify it as annual submission, regardless if FY or CY

: MM is the Month end of the taxable year

: YYYY is the Year Ended

: 01 is the first file of other attachments, up to 99 (applicable for File 3)

Taxpayers shall keep the original copies of the digitally submitted documents in accordance with Section 203 of the National Internal Revenue Code for the period prescribed under Revenue Regulations 17-2013 and shall be presented, upon request, to the BIR.

Please be guided.

Source:

P&A Grant Thornton

Certified Public Accountants

 

As published in SunStar Cebu, dated 18 August 2020