Both the BIR and SEC have set out reminders in filing of income tax returns and financial statements this year. We all know very well that there are certain penalties imposed on late filings and we don’t want that.
And so for some proper guidance, here are some pointers to consider.
BIR Prescribes the new Income Tax forms
In its Revenue Regulation No. 2-2014, BIR lists the new set of forms to be used in this year’s filings. The forms were updated (again). The last revision was made in 2011 under Revenue Memorandum Circular No. 40-2011. Be sure to use the updated ones below. As a general rule, deadline for filing is April 15.
1. BIR Form No. 1700 version June 2013 (Annual Income Tax Return for Individuals Earning Purely Compensation Income);
2. BIR Form No. 1701 version June 2013 (Annual Income Tax Return for Self-Employed Individuals, Estates and Trusts);
3. BIR Form No. 1702-RT version June 2013 (Annual Income Tax Return for Corporations, Partnerships and Other Non-Individual Taxpayers Subject Only to the REGULAR Income Tax Rate);
4. BIR Form No. 1702-EX version June 2013 (Annual Income Tax Return for Use Only by Corporations, Partnerships and Other Non-Individual Taxpayers EXEMPT Under the Tax Code, as amended, [Sec. 30 and those exempted in Sec. 27(C)] and Other Special Laws, with NO Other Taxable Income); and
5. BIR Form No. 1702-MX version June 2013 (Annual Income Tax Return for Corporations, Partnerships and Other Non-Individuals with Mixed Income Subject to Multiple Income Tax Rates or with Income Subject to Special/Preferential Rate)
SEC Issues The Schedule Of Dates For Filing Of Annual Financial Statements
With regard to SEC, the date of filing is specific to the last digit of your SEC registration or license number. As shown in the SEC Memorandum Circular No. 16-2013, the dates are:
|April 14, 15, 16, 1 7, 18||“1 “,”2”|
|April 21, 22, 23, 24, 25||“3”. “4”|
|April 28, 29, 30 May 2||“5”, “6”|
|May 5, 6, 7, 8, 9||“7”, “8”|
|May 12, 13, 14, 15, 16||“9”, “0”|
Your audited financial statements should be attached to your annual income tax return with the BIR. Be sure to have at least 2 extra copies of them and stamped “Received”. SEC requires this stamping as proof of your submission to BIR.
BIR Revenue Memorandum Circular No. 40-2011
BIR Revenue Regulations No. 2-2014
BIR Form No. 1700
BIR Form No. 1701
BIR Form No. 1702-EX
BIR Form No. 1702-MX
BIR Form No. 1702-RT
SEC Memorandum Circular No. 16-2013