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Revenue Memorandum Circular RMC 58-2011 Suspend all BIR Audit effective 12/19/11

REPUBLIC OF THE PHILIPPINES
DEPARTMENT OF FINANCE
BUREAU OF INTERNAL REVENUE
Quezon City

December 15, 2011
REVENUE MEMORANDUM CIRCULAR NO. 58-2011
SUBJECT : Suspension of All Audit and other Field Operations of the Bureau of
Internal Revenue Effective December 19, 2011

TO : All Internal Revenue Officers, Employees and Others Concerned
All field audit and other field operations of the Bureau of Internal Revenue relative to examinations and verifications of taxpayers' books of accounts, records and other transactions are hereby ordered suspended for the period December 19, 2011 to January 6, 2012. Thus, no field audit, field operations, or any form of business visitation in execution of Letters of Authority/Audit Notices, Letter Notices, or Mission Orders should be conducted. Likewise, no written orders to audit and/or investigate taxpayers' internal revenue tax liabilities shall be served except in the following cases:
• Investigation of cases prescribing on or before April 15, 2012;
• Processing and verification of estate tax returns, donor's tax returns, capital gains tax returns and withholding tax returns on the sale of real properties or shares of stocks together with the documentary stamp tax returns related thereto;
• Examination and/or verification of internal revenue tax liabilities of taxpayers retiring from business;
• Audit of National Government Agencies (NGAs), Local Government Units (LGUs) and Government Owned and Controlled Corporations (GOCCs) including subsidiaries and affiliates of GOCCs; and
• Other matters/concerns where deadlines have been imposed or under the orders of the Commissioner of Internal Revenue.
In general, examiners and investigators shall make use of this period to do office work on their cases and to complete the report on those with already completed field work. Service of Assessment Notices, Warrants and Seizure Notices should still be effected.

Mostimportantly, all efforts should be directed to ensure maximum collection in the remaining days of the year.
All internal revenue officers and others concerned are enjoined to give this Circular as wide as publicity as possible.
For strict compliance.

(Original Signed)
KIM S. JACINTO-HENARES
Commissioner of Internal Revenue

Revenue Memorandum Circular RMC 58-2011 Suspend all BIR Audit effective 12/19/11

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Success Motivational Quote - Success

Jr What is success? I think it is ^^
a mixture of having a flair for the
thing that you are doing; knowing
that it is not enough, that you must
have hard work and a certain
sense of purpose.
- Margaret Thatcher

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Success Motivational Quote - Life Lessons

Some of the best lessons we ever
learn are learned from past
mistakes. The error of the past is
the wisdom and success of
the future.
- Dr. Dale Turner

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Success Motivational Quote - Learn

No one lives long enough to
learn everything they need to
learn starting from scratch. To
be successful, we absolutely,
positively have to find people
who have already paid the price
to learn the things that we need
to learn to achieve our
goals.
- Brian Tracy
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Success Motivational Quote - Success

You don't pay the price for success. You enjoy the price
for success.
- Zig Ziglar


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Success Motivational Quote - Dreams

It takes a person who is
wide-awake to make his
dream come true.
- Roger Ward Babson
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Success Motivational Quote - Dreams


You gotta have a dream! If you don't have a dream how are you gonna make a dream come true?
- Oscar Hammerstein, II


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Success Motivational Quote - Dreams



What distinguishes us from one another is our dreams, and what we do to make them come about.
- Joseph Epstein

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Success Motivational Quote - Goals

You must see your goals clearly
and specifically before you can
set out for them. Hold them in
your mind until they become
second nature.
- Les Brown



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Success Motivational Quote - Goals

Set your goals high and don't stop until you get there.
- Bo Jackson

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Success Motivational Quote - Live

Work like you don't need the


money, love like you've never


been hurt, and dance like


nobody is watching.


- Mark Twain



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You Have No Time? or You Let Life Control You


Love Death – I Have No Time. How often do you hear this statement? You wakeup early, take a bath. Have no time to eat your breakfast. P.S. sometimes you don’t have time to take a bath. Don’t worry you may chose to fool yourself that you don’t smell anything. But people around you knows and will not forget the smell. Morning rush hour - draining all your energy, work 4hours, have your lunch, work another 4 hours then it’s time for your evening rush hour sucking any remaining energy from your body. You do this for many months either you get sick or your co workers get sick of your smell. Do you have the time to take a bath?

Love Life - Let us face the facts. You and all the people in this world have 24 hours for one day. No matter how famous or rich you are, no one can have more time than anyone. So why efficient and effective people have so much time to live life during and after work. Time management is not really about managing time. Time management is about life management. Time management is really about managing your mental attitudes, managing your health, managing yourself, managing people around you, managing your emotions and managing anything about life that happened, happening and will happen to your life. Next time you use the statement I have no time, remember first to smell yourself you might forget to take a bath but really its how and why you want to live your life, it is not life challenges that will be the master and controlling how you live.

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Guidelines and Instructions RMC 57-2011 New Bir Itr Form 1702 November 2011

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 by the president, vice-president or other principal officer, and shall be sworn to by such officer and by the treasurer or assistant treasurer.

Every general professional partnership (GPP) shall file this return setting forth the items of gross income and of deductions and the names, TINs, addresses and shares of each of the partners.

When and Where to File and Pay

A. For Electronic Filing and Payment System (eFPS) Taxpayer

The return shall be e-filed and the tax shall be e-paid on or before the 15th day of the fourth month following the close of the taxpayer’s taxable year using the eFPS facilities thru the BIR website http//www.bir.gov.ph.

B. For Non-Electronic Filing and Payment System (Non-eFPS) Taxpayer

The return shall be filed and the tax shall be paid on or before the 15th day of the fourth month following the close of the taxpayer's taxable year with any Authorized Agent Bank (AAB) located within the territorial jurisdiction of the Revenue District Office (RDO) where the taxpayer’s principal office is registered. In places where there are no AABs, the return shall be filed and the tax shall be paid with the concerned Revenue Collection Officer (RCO) under the jurisdiction of the RDO.

In case of “NO PAYMENT RETURNS” the same shall be filed with the RDO where the taxpayer’s principal office is registered or with the concerned RCO under the same RDO.

Rate of Income Tax

The regular/normal rate of income tax is 30% of net taxable income. However, preferential/special rate is accorded to a taxpayer pursuant to the provisions of the Tax Code and/or any prevailing special laws.

Minimum Corporate Income Tax (MCIT)

A minimum corporate income tax (MCIT) of two percent (2%) of the gross income is imposed upon any domestic corporation and resident foreign corporation beginning on the fourth (4th) taxable year (whether calendar or fiscal year, depending on the accounting period employed) immediately following the taxable year in which such corporation commenced its business operation. The MCIT shall be imposed whenever the corporation has zero or negative taxable income or whenever the amount of minimum corporate income tax is greater than the normal income tax due from such corporation. Any excess of the MCIT over the normal income tax shall be carried forward and credited against the normal income tax for the three (3) immediate succeeding taxable years.

The computation and the payment of MCIT shall apply each time a corporate income tax return is filed, whether quarterly or annual basis.

Deductions

A corporation shall choose either the itemized or optional standard deduction. It shall indicate the choice by marking with “X” the appropriate box, otherwise, the corporation shall be considered as having availed of the itemized deduction. Such choice made in the initial quarterly return during the taxable year is irrevocable for the said year for which the return is made.

Optional Standard Deduction (OSD) – A maximum of 40% of the gross income shall be allowed as deduction in lieu of the itemized deduction. However, a corporation who availed and claimed this deduction is still required to submit its financial statements when it files its annual tax return and to keep such records pertaining to its gross income.

Regular Allowable Itemized Deduction – There shall be allowed as deduction from gross income all the ordinary and necessary trade and business expenses paid or incurred during the taxable year in carrying on or which are directly attributable to the development, management, operation and/or conduct of the trade and business. Itemized deduction includes also interest, taxes, losses, bad debts, depreciation, depletion, charitable and other contributions, research and development and pension trust.

Special Allowable Itemized Deduction – There shall be allowable deduction from gross income in computing taxable income, in addition to the regular allowable itemized deduction, as provided under the existing regular and special laws, rules and issuances such as, but not limited to, Rooming-in and Breast-feeding Practices under R.A. 7600, Adopt-a-School Program under R.A. 8525, Senior Citizen Discount under R.A. 9257, Free Legal Assistance under R.A. 9999.

Tax Relief Availment

Taxpayer availing of any tax relief under the Tax Code and/or any prevailing special laws [e.g., Income Tax Holiday (ITH), preferential income tax rate, income tax exemption, additional special deductions, etc.] must completely fill-up Schedule 1 showing the details for each and every registered activity and/or program. In case the columns provided in Schedule 1 in the tax form proper are not adequate to cover all the registered activities, additional sheets of Schedule 1 must be accomplished, clearly indicating therein the number of sheets used in the said schedules, and the same must be filed together with the tax form proper.

Other Special Tax Credit refers to tax credit allowed under special laws, rules and issuances such as, but not limited to, 50% of training expenses under R.A. 7916.

Tax Refund/Credit

An excess of the total tax credits/payments over the actual income tax due computed in the final adjusted return may be refunded or issued with the Tax Credit Certificate to the taxpayer or credited against its estimated income tax liabilities for the quarters of the succeeding taxable years. The taxpayer shall exercise its option by marking with an "x" the appropriate box, which option shall be considered irrevocable for that taxable period. Thus, once the taxpayer opted to carry-over and apply the excess income tax against income tax due for the succeeding taxable year, no application for cash refund or issuance of a tax credit certificate shall be allowed. In case the taxpayer fails to signify its choice, the excess payment shall be automatically carried-over to the next taxable period.

Penalties

There shall be imposed and collected as part of the tax:

1. A surcharge of twenty five percent (25%) for each of the following violations:

a) Failure to file any return and pay the amount of tax or installment due on or before the due dates;

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;

c) Failure to pay the full or part of the amount of tax shown on the return, or the full amount of tax due for which no return is required to be filed, on or before the due date;

d) Failure to pay the deficiency tax within the time prescribed for its payment in the notice of assessment.

2. A surcharge of fifty percent (50%) of the basic tax or of the deficiency tax shall be imposed in case of willful neglect to file the return within the period prescribed by the Tax Code and/or by rules and regulations or in case a false or fraudulent return is filed.

3. Interest at the rate of twenty percent (20%) per annum on any unpaid amount of tax, from the date prescribed for the payment until it is fully paid.

4. Compromise penalty, pursuant to existing/applicable revenue issuances.

Attachments Required

1. Certificate of independent CPA duly accredited by the BIR (The CPA Certificate is required if the gross quarterly sales, earnings, receipts or output exceed P 150,000).

2. Supplemental Form (Schedule 4) for taxpayers with multiple activities per tax regime.

3. Account Information Form (AIF) and/or Financial Statements (FS), including the following schedules prescribed under existing revenue issuances which must form part of the Notes to the audited FS:

a. Sales/Receipts/Fees

b. Cost of Sales/Services

c. Non-Operating and Taxable Other Income

d. Itemized Deductions (if taxpayer did not avail of OSD)

e. Taxes and Licenses

f. Other information prescribed to be disclosed in the notes to FS

4. Statement of Management’s Responsibility (SMR) for Annual Income Tax Return.

5. Certificate of Income Payments not subjected to Withholding Tax

(BIR Form No. 2304).

6. Certificate of Creditable Tax Withheld at Source (BIR Form No. 2307).

7. Duly approved Tax Debit Memo, if applicable.

8. Proof of prior years' excess credits, if applicable.

9. Proof of Foreign Tax Credits, if applicable.

10.For amended return, proof of tax payment and the return previously filed.

11.Certificate of Tax Treaty Relief/Entitlement issued by the concerned Investment Promotion Agency (IPA).

12.Summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax at Source (SAWT), if applicable.

13.Proof of other tax payment/credit, if applicable.

14.Schedule for returns filed by General Professional Partnership.

NAME

TIN

ADDRESS

SHARE OF EACH PARTNER

Note: All Background information must be properly filled up.

§ All returns filed by an accredited tax agent on behalf of a taxpayer shall bear the following information:

A. For CPAs and others (individual practitioners and members of GPPs);

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 (individual practitioners, members of GPPs);

b.1 Taxpayer Identification Number (TIN); and

b.2 Attorney’s Roll number or Accreditation Number, if any.

Guidelines and Instructions RMC 57-2011 New Bir Itr Form 1702 November 2011

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Guidelines and Instructions RMC 57-2011 New Bir Itr Form 1701 November 2011

Who Shall File This Form

This return shall be filed by the following individuals regardless of amount of gross income:

1.) A resident citizen engaged in trade, business, or practice of profession within and without the Philippines.

2.) A resident alien, non-resident citizen or non-resident alien individual engaged in trade, business or practice of profession within the Philippines.

3.) A trustee of a trust, guardian of a minor, executor/administrator of an estate, or any person acting in any fiduciary capacity for any person, where such trust, estate, minor, or person is engaged in trade or business.

4.) An individual engaged in trade or business or in the exercise of their profession and receiving compensation income as well.

All individuals, estates and trusts above required under the law and existing issuances to file this return should also fill up Part VIII hereof. Said individuals, estates and trusts shall declare such income subject to final tax and those exclusions from gross income under Section 32(B) of the Tax Code, as amended.

Married individuals shall file a return for the taxable year to include the income of both spouses, computing separately their individual income tax based on their respective total taxable income. Where it is impracticable for the spouses to file one return, each spouse may file a separate return of income. If any income cannot be definitely attributed to or identified as income exclusively earned or realized by either of the spouses, the same shall be divided equally between the spouses for the purpose of determining their respective taxable income.

The income of unmarried minors derived from property received from a living parent shall be included in the return of the parent except (1) when the donor’s tax has been paid on such property, or (2) when the transfer of such property is exempt from donor’s tax.

If the taxpayer is unable to make his own return, the return may be made by his duly authorized agent or representative or by the guardian or other person charged with the care of his person or property, the principal and his representative or guardian assuming the responsibility of making the return and incurring penalties provided for erroneous, false or fraudulent returns.

When and Where to File and Pay

1. For Electronic Filing and Payment System (eFPS) Taxpayer

The return shall be e-filed and the tax shall be e-paid on or before the 15th day of April of each year covering income for the preceding taxable year using the eFPS facilities thru the BIR website http://www.bir.gov.ph.

2. For Non-Electronic Filing and Payment System (non-eFPS) Taxpayer

The return shall be filed and the tax shall be paid on or before the 15th day of April of each year covering income for the preceding taxable year with any Authorized Agent Bank (AAB) located within the territorial jurisdiction of the Revenue District Office (RDO) where the taxpayer is registered. In places where there are no AABs, the return shall be filed and the tax shall be paid with the concerned Revenue Collection Officer (RCO) under the jurisdiction of the RDO where the taxpayer is registered.

In case of “NO PAYMENT RETURNS”, the same shall be filed with the RDO where the taxpayer is registered/has his legal residence or place of business in the Philippines or with the concerned RCO under the same RDO.

3. For Installment Payment

When the tax due exceeds Two Thousand Pesos (P2,000), the taxpayer may elect to pay in two equal installments, the first installment to be paid at the time the return is filed and the second, on or before July 15 of the same year.

4. For Non-Resident Taxpayer

In case taxpayer has no legal residence or place of business in the Philippines, the return shall be filed with the Office of the Commissioner or Revenue District Office No. 39, South Quezon City.

Gross Taxable Compensation Income

The gross taxable compensation income of the taxpayer does not include SSS, GSIS, Medicare and PAG-IBIG Contributions, and Union Dues.

Taxable Income

Taxable income means the pertinent items of gross compensation and/or business income specified in the Tax Code of 1997, as amended, less the deductions and/or additional exemptions, if any, authorized for such types of income by the Code or other special laws.

Premiums on Health and/or Hospitalization Insurance

The amount of premiums not to exceed Two Thousand Four Hundred Pesos (P 2,400) per family or Two Hundred Pesos (P 200) a month paid during the taxable year for health and/or hospitalization insurance taken by the taxpayer for himself, including his family, shall be allowed as a deduction from his gross income: Provided, That said family has a gross income of not more than Two Hundred Fifty Thousand Pesos (P 250,000) for the taxable year: Provided, finally, That in the case of married taxpayers, only the spouse claiming the additional exemption for dependents shall be entitled to this deduction.

Personal and Additional Exemptions

Individual taxpayer, whether single or married, shall be allowed a basic personal exemption amounting to Fifty Thousand Pesos (P50,000).

In the case of married individuals where only one of the spouses is deriving gross income, only such spouse shall be allowed the personal exemption.

An individual, whether single or married, shall be allowed an additional exemption of Twenty Five Thousand Pesos (P 25,000) for each qualified dependent child, not exceeding four (4). The additional exemption for dependents shall be claimed by the husband, who is deemed the proper claimant unless he explicitly waives his right in favor of his wife.

“Dependent Child” means a legitimate, illegitimate or legally adopted child chiefly dependent upon and living with the taxpayer if such dependent is not more than twenty-one (21) years of age, unmarried and not gainfully employed or if such dependent, regardless of age, is incapable of self-support because of mental or physical defect.

In the case of legally separated spouses, additional exemptions may be claimed only by the spouse who has custody of the child or children: Provided, That the total amount of additional exemptions that may be claimed by both shall not exceed the maximum additional exemptions allowed by the Tax Code.

Exemption Allowed to Estates and Trusts

There shall be allowed an exemption of Twenty thousand pesos (P 20,000) from the income of the estate and trust.

Part IX – Items 108 to 123

The filling-up of these fields are optional. The figures placed therein should be properly documented and/or substantiated. For purposes of the Bureau’s investigations, figures placed therein will be presumed true and correct. If left blank, it will be presumed that the taxpayer has no such income

Change of Status

If the taxpayer marries or should have additional dependent(s) as defined above during the taxable year, the taxpayer may claim the corresponding personal or additional exemption, as the case may be, in full for such year.

If the taxpayer dies during the taxable year, his estate may still claim the personal and additional exemptions for himself and his dependent(s) as if he died at the close of such year.

If the spouse or any of the dependents dies or if any of such dependents marries, becomes twenty-one (21) years old or becomes gainfully employed during the taxable year, the taxpayer may still claim the same exemptions as if the spouse or any of the dependents died, or as if such dependents married, became twenty-one (21) years old or became employed at the close of such year.

Allowable Deductions

A taxpayer engaged in business or in the practice of profession shall choose either the optional or itemized deduction (described below). He shall indicate his choice by marking with “X” the appropriate box, otherwise, he shall be deemed to have chosen itemized deduction. The choice made in the return is irrevocable for the taxable year covered.

Optional Standard Deduction (OSD) – A maximum of 40% of their gross sales or gross receipts shall be allowed as deduction in lieu of the itemized deduction. This type of deduction shall not be allowed for non-resident aliens engaged in trade or business. An individual who opts to avail of this deduction need not submit the Account Information Form (AIF)/Financial Statements.

Regular Allowable Itemized Deductions - There shall be allowed as deduction from gross income all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on or which are directly attributable to, the development, management, operation and/or conduct of the trade, business or exercise of a profession including a reasonable allowance for salaries, travel, rental and entertainment expenses.

Itemized deductions include also interest, taxes, losses, bad debts, depreciation, depletion, charitable and other contributions, research and development, pension trust, premium payments on health and/or hospitalization insurance.

Special Allowable Itemized Deductions – There shall be allowable deduction from gross income in computing taxable income, in addition to the regular allowable itemized deduction, as provided under existing regular and special laws, rules and issuances such as, but not limited to ‘Rooming-in and Breast-feeding Practices under RA 7600, Adopt-a-School Program under RA 8525, Senior Citizen Discount under RA 9257, Free Legal Assistance under RA 9999.

Tax Relief Availment

Taxpayer availing of any tax relief under the Tax Code and/or any prevailing special laws [e.g., Income Tax Holiday (ITH), preferential income tax rate, income tax exemption, additional special deductions, etc.] must completely fill up Part VII hereof.

Fair market value

“Fair market value” as determined in accordance with Section 6(E) of the Tax Code, as amended, shall be used in reporting the non-cash income and receipts in Part VIII.

Individual whose compensation income has been subjected to final withholding tax

The term "individual whose compensation income has been subjected to final withholding tax” shall include aliens or Filipino citizens occupying the same positions as the alien employees, as the case may be, who are employed by regional operating headquarters, regional or area headquarters, offshore banking units, petroleum service contractors and sub-contractors, pursuant to pertinent provisions of Sections 25 (C), (D), E) and 57(A), including those subject to Fringe Benefit Tax (FBT) under Section 33 of the Tax Code, as amended, Republic Act No. 8756, Presidential Decree No. 1354, and other pertinent laws.

Penalties

There shall be imposed and collected as part of the tax:

1. A surcharge of twenty five percent (25%) for each of the following violations:

a) Failure to file any return and pay the amount of tax or installment due on or before the due dates;

b) Filing a return with a person or office other than those with whom it is required to be filed;

c) Failure to pay the full or part of the amount of tax shown on the return, or the full amount of tax due for which no return is required to be filed, on or before the due date;

d) Failure to pay the deficiency tax within the time prescribed for its payment in the notice of Assessment (Delinquency Surcharge).

2. A surcharge of fifty percent (50%) of the tax or of the deficiency tax shall be imposed in case of willful neglect to file the return within the period prescribed by the Tax Code and/or by rules and regulations or in case a false or fraudulent return is filed.

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 it is fully paid.

4. Compromise penalty, pursuant to existing/applicable revenue issuances.

Excess Withholding Tax

Over withholding of income tax on compensation shall be refunded by the employer, except if the over withholding is due to the employee’s failure or refusal to file the withholding exemption certificate, or supplies false or inaccurate information, the excess shall not be refunded but shall be forfeited in favor of the government.

Attachments Required

1. Account Information Form and the Certificate of the independent CPA duly accredited by the BIR except for taxpayers who opted for the Optional Standard Deduction. (The CPA Certificate is required if the gross quarterly sales, earnings, receipts or output exceed P 150,000).

2. Certificate of Income Tax Withheld on Compensation (BIR Form No. 2316).

3. Certificate of Income Payments Not Subjected to Withholding Tax (BIR Form No. 2304).

4. Certificate of Creditable Tax Withheld at Source (BIR Form No. 2307).

5. Duly Approved Tax Debit Memo, if applicable.

6. Waiver of husband's right to claim additional exemption, if applicable.

7. Proof of prior years' excess credits, if applicable.

8. Proof of Foreign Tax Credits, if applicable.

9. For amended return, proof of tax payment and the return previously filed.

10. Authorization letter, if filed by authorized representative.

11. Proof of other tax payments/credit, if applicable.

12. Proof of Tax Payments for the First Three Quarters

13. Summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax at Source (SAWT), if applicable.

14. Statement of Management’s Responsibility (SMR) for Annual Income Tax Return.

15. Schedules of the following which must be part of the Notes to the audited Financial Statements:

a. Sales/Receipts/Fees

b. Other Taxable Income

c. Cost of Sales/Services

d. Taxes and Licenses

e. Itemized Deductions (if taxpayer did not avail of OSD)

f. Other information prescribed to be disclosed in the Notes to Financial Statements

Note: All Background information must be properly filled up.

§ All returns filed by an accredited tax agent on behalf of a taxpayer shall bear the following information:

A. For CPAs and others (individual practitioners and members of GPPs);

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 (individual practitioners, members of GPPs);

b.1 Taxpayer Identification Number (TIN); and

b.2 Attorney’s Roll number or Accreditation Number, if any.


Guidelines and Instructions RMC 57-2011 New Bir Itr Form 1701 November 2011

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