Enhanced BIR Form 1701 for individuals engaged in business/profession, including mixed income earners, estates and trusts

(Revenue Memorandum Circular No. 37-2019, March 19, 2019)

This Tax Alert is issued to inform all concerned on the availability of the enhanced Annual Income Tax Return (BIR Form 1701-January 2018) pursuant to Revenue Memorandum Circular No. 37-2019.

The enhanced BIR Form 1701 shall be used by the individuals (including mixed income earners), estates and trusts in filing the annual income tax return and paying the income tax due starting the year 2018 that is due on or before April 15, 2019.

Under the TRAIN Law, income subject to final tax are no longer required to be reported in the income tax return. Thus, required supplemental information on income subjected to final withholding tax and income exempt from income tax is no longer included in the newly issued enhanced BIR Form 1701.

The new return is already available manually and can be downloaded from the BIR website. However, this is not yet available in the Electronic BIR Form (eBIRForm) and Electronic Filing and Payment System (EFPS).  Thus, eFPS/eBIRForms filers shall use manual return in filing and paying the income tax due thereon which is due on or before April 15, 2019.