THE Bureau of Internal Revenue (BIR) is no longer requiring taxpayers to file monthly their value-added tax (VAT) returns.
The BIR, in a statement yesterday, said the new policy took effect Jan. 1, 2023.
The taxman said VAT-registered taxpayers are no longer required to file the Monthly Value-Added Tax Declaration or BIR Form No. 2550M.
The directive was contained in BIR Revenue Memorandum Circular (RMC) No. 5-2023 issued on Jan. 13, 2023, which provides the Transitory Provisions for the implementation of the quarterly filing of VAT returns starting Jan. 1, 2023 pursuant to Section 37 of Republic Act No. 10963 (TRAIN Law), amending certain provisions of Section 114(A) of the Tax Code of 1997, as amended, and as implemented under Section 4-114-1(A) of Revenue Regulations (RR) No. 13-2018.
With the said provision, the BIR said VAT-registered taxpayers will now file their corresponding Quarterly Value-Added Tax Return or BIR Form No. 2550Q within 25 days following the close of each taxable quarter when the transaction transpired.
To avoid confusion during the initial implementation, particularly for taxpayers that are under fiscal period of accounting, transitory provisions are also described in the RMC.
“With the quarterly filing of VAT returns, we expect VAT taxpayers to be fully compliant with their duties and responsibilities to file their tax returns and pay the correct taxes on time,” said BIR commissioner Romeo Lumagui Jr. (GMA Integrated News)
