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Who Shall
File
Every
corporation, partnership no matter how created or organized, joint
stock companies, joint accounts, associations (except foreign
corporation not engaged in trade or business in the Philippines
and joint venture or consortium formed for the purpose of undertaking
construction projects or engaging in petroleum, coal, geothermal
and other energy operations), government-owned or controlled corporations,
agencies and instrumentalities shall render a true and accurate
income tax return in accordance with the provisions of the Tax
Code. The return shall be filed in triplicate copies by the president,
vice-president or other Treasurer or Assistant Treasurer.
Every
general professional partnership shall file a return of its income
setting forth the items of gross income and of deductions and
the names, TINs, addresses and shares of each of the partners.
The general
professional partnership is not required to file quarterly income
tax return/quarterly information return. Its is required, however,
to file annual income tax return/annual information return (Form
1702) with Account Information Form/Financial Statements.
The general
professional partnership is not supposed to pay income tax, such
tax to be paid by the individual partners.
When and
Where to File
The corporate quarterly declaration
shall be filed with or without payment within sixty (60) days
following the close of each of the first three (3) quarters of
the taxable year whether calendar or fiscal year.
The return shall be filed with
any Authorized Agent Bank (AAB) within the territorial jurisdiction
of the Revenue District office where the taxpayer is required
to register/which has jurisdiction over the location of the principal
office of the "CORPORATION" filing the return or place
where its main books of accounts and other data from which the
return is prepared are kept. In places where there are no AABs,
the return shall be filed directly with the Revenue Collection
Officer or duly Authorized City or Municipal Treasurer within
the Revenue District Office where the taxpayer is required to
register/which has jurisdiction over the location of the principal
office of the "CORPORATION" filing the return or place
where its main books of accounts and other data from which the
return is prepared and kept.
( It is suggested, however,
that the tax return be filed with the appropriate collection agent
of the Revenue District Office where the taxpayer is required
to register.)
Taxpayer may file and pay
their Income tax return manually or through the Electronic Filing
and Payment System. (EFPS)
When
and Where to Pay
Upon filing this return, the
total amount payable shall be paid to the Authorized Agent Bank
(AAB) where the return is filed. In places where there are no
AABs, payment shall be made directly to the Revenue Collection
Officer or duly Authorized City or Municipal Treasurer who shall
issue a Revenue Official Receipt (BIR Form NO. 2524) therefor.
Where
the return is filed with an AAB, the lower portion of the return
must be properly machine-validated and stamped by the Authorized
Agent Bank to serve as the receipt of payment. The machine validation
shall reflect the date of payment, amount paid
and transaction code, and the stamped mark shall show the name
of the ban, branch code, teller's code and teller's initial. The
AAB shall also issue an official receipt or bank debit advice
or credit document, which ever is applicable, as additional proof
of payment.
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Rate
of Income Tax
Effective January
1, 1998, the rate of income tax shall be 34%; effective Jan 1,
1999, the rate shall be 33%; and effective January 1, 2000 and
thereafter, the rate shall be 32%.
Penalties
There
shall be imposed and collected as part of the tax:
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A
surcharge of twenty five percent (25%) for each of the following
violations:
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a. |
Failure
to file any return and pay the amount of tax or installment
due on or before the due date;
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b. |
Unless
otherwise authorized by the Commissioner, filing a return
with a person or office other than those with whom it is
required to be filed;
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c. |
Failure
to pay the full or part of the amount of tax shown on the
return, or the full amont of tax due for which no return
is required to be filed on or before the due date;
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d. |
Failure
to pay the deficiency tax within the time prescribed for
its payment in the notice of assessment.
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| 2. |
A
surcharge of fifty percent (50%) of the tax or of the deficiency
tax, in case any payment has been made on the basis of such
return before the discovery of the falsity or fraud, for
each of the following violations:
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a. |
Willful
neglect to file the return within the period prescribed
by the Code or by rules and regulations; or
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b. |
In
case a false or fraudulent return is willfully made.
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| 3. |
Interest
at the rate of twenty percent (20%) per annum, or such higher
rate as may be prescribed by rules and regulations, on any
unpaid amount of tax, from the date prescribed for the payment
until the amount is fully paid.
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| 4. |
Compromise
penalty.
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Attachments
Required
1. Certificate of Income Payments not Subject to Withholding
Tax (BIR Form 2304), if applicable;
2. Certificate of Creditable Tax Withheld at Source (BIR
Form 2307), if applicable; and
3. Duly approved Tax Debit Memo, if applicable.
The quarterly
income tax return does not have to be accompanied with the Account
Information Form and/or Financial Statements.
Note:
All background information must be properly filled up.
• All
returns filed by an accredited tax representative on behalf of a
taxpayer shall bear the following information:
A. For Individual (CPA's members of
General Professional Partnerships and Others)
A.1 Taxpayer
Identification Number (TIN); and
A.2 Certificate of
Accreditation Number, Date of Issuance, and Date of Expiry
B. For Members of the Philippine
Bar:
B.1 Taxpayer
Identification Number (TIN); and
B.2
Attorney's Roll Number or Accreditation Number, if any
• Nos. 1, 2 and 3 of this form refer to the transaction period and not the date of filing this return.
• The last 3 digits of the 12-digit TIN refers to the branch code.
• TIN = Taxpayer Identification Number
ENCS
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