MANILA – The Bureau of Internal Revenue (BIR) has once again extended the deadline to file and pay 2019 income tax returns (ITRs) until May 30 with the extension of the community quarantine in Luzon and other parts of the country to April 30.
The Revenue Regulations (RR) No. 10-2020, which was released on Thursday, included the deadline for 2019 ITRs, which had been moved to May 15 when the initial one-month lockdown was implemented.
RR 10-2020 contained new deadlines for a total of 40 transactions and documents, including value-added tax (VAT) refunds, tax credit/refund applications, among others.
“While the deadlines are extended, the bureau acknowledges that some taxpayers wish to file and pay taxes early but have not yet finalized their financial statements and/or returns,” the BIR said.
“Taxpayers who file their tax returns within the original deadline or prior to the extended deadline can amend their tax returns at any time on or before the extended due date,” it added.
An amendment that will result in additional tax to be paid, can still be paid without the imposition of corresponding penalties (surcharge, interest and compromise penalties) if the same shall be done not later than the extended deadline as provided under existing rules and regulations,” the BIR further said.
A taxpayer, whose amended returns will result in overpayment of taxes paid, can opt to carry over the overpaid tax as credit against the tax due for the same tax type in the succeeding periods’ tax returns, aside from filing for claim for refund.
Under the Tax Code, filing and payment of the annual ITRs were scheduled every April 15 of the following year but it was extended this year due to the coronavirus disease pandemic./PN
