Disclosure of other income of individuals suspended for 2015

(Revenue Memorandum Circular No. 41- 2016, April 1, 2016)

This Tax Alert is issued to inform all concerned that the requirement for individuals to disclose other income is suspended for the 2015 annual income tax return (ITR) due on or before April 15, 2016.

Unless further deferred, this will be mandatory for the 2016 ITR (BIR Forms 1700 and 1701). Hence, taxpayers are advised to demand from their payors, and properly document their BIR Form No. 2306 and other pieces of evidence for amount of income and final taxes withheld or paid.

Please access the link below for copy of the RMC.