Receiving and stamping of ITR and AFS

(Revenue Memorandum Circular No. 28- 2017, April 07, 2017)

This Tax Alert is issued to remind all concerned on the receiving and stamping procedures of Income Tax Return (ITR) and the attached Audited Financial Statement (AFS).

ITRs shall be printed in 3 copies to be submitted to the respective Revenue District Office (RDO), Large Taxpayer Division (LTD), or Authorized Agent Banks (AABs), as the case may be.

For ITR of individual taxpayers, the official receiving seal of the accepting office shall be stamped on the space provided for in the 3 copies of the returns. Any excess over the 3 copies will not be stamped as received.

In case of corporations and other juridical entities, at least 2 additional copies of the AFS will be stamped for purposes of filing with the Securities and Exchange Commission (SEC).

Only the page of the Audit Certificate, Statement of Financial Position, Statement of Comprehensive Income and Statement of Manager’s Responsibility of the AFS shall be stamped as “RECEIVED”.