With the extension of the community quarantine in Luzon and other parts of the country to April 30 the Bureau of Internal Revenue (BIR) has once again extended the deadline to file. In addition, it pays 2019 income tax returns (ITRs) until May 30.
The Revenue Regulations (RR) No. 10-2020 released on Thursday contained the 2019 ITRs deadline. As the effect the original one-month lockout, the lockdown will continue until May 15.
RR 10-2020 included new deadlines for a total of 40 transactions and documents. It covers VAT refunds, tax credit / refund claims, among others. Therefore, those are still in the process of discussing.
“Taxpayers who file their tax returns within the original deadline or before the extended deadline can, at any time on or before the extended due date, amend their tax returns,” he said.
An amendment that would result in additional tax payable can pay without associated penalties. For instance, surcharge, interest and compromise penalties. It also applies in its payment. If the same thing accomplishes to the extension deadline which provide the under existing rules and regulations at the latest,” added the BIR.
A taxpayer whose amended returns would result in overpayment of taxes paid may opt to pass the overpayment tax. As a credit against the tax due for the same form of tax in the tax returns of the subsequent periods, apart from filing for refund claim.
Under the Tax Code, the schedule of annual ITRs is for filing and payment every April 15 of the following year. But, this year, the coronavirus disease pandemic still be the problem.