BIR to accept tentative tax returns on April 18 deadline | Inquirer Business

BIR to accept tentative tax returns on April 18 deadline

By: - Reporter / @bendeveraINQ
/ 04:44 PM April 13, 2022
BIR to accept tentative tax returns on April 18 deadline

The Bureau of Internal Revenue main office in Quezon City. (File photo from Philippine Daily Inquirer)

MANILA, Philippines—In consideration of the Holy Week holidays taking some days off tax-filing season, the Bureau of Internal Revenue (BIR) will accept tentative annual income tax returns, for 2021 dues, on the April 18 deadline.

In separate advisories, BIR Deputy Commissioner and officer-in-charge (OIC) Marissa Cabreros told taxpayers and authorized agent-banks that on top of moving to Monday next week the deadline to file and pay last year’s taxes, tentative tax returns will be accepted, as long as they shall be amended or finalized on or before May 16.

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The Tax Code mandates April 15 as the yearly deadline for filing and payments of income tax returns, but it fell on Good Friday this year, hence the extension to the nearest working day.

Allowing tentative returns in the meantime would “alleviate the difficulties in beating the deadline on a holiday and considering the challenges encountered in the hybrid working arrangement adopted by most taxpayers,” Cabreros said.

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Cabreros said tentative returns will not be charged interest, penalty or surcharge once amended by May 16, “provided that, 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 period or file for refund.”

In a bulletin, Cabreros told agent-banks to “accept amended annual income tax returns and the taxes due thereon without the imposition of the corresponding increments.”

Cabreros also reminded banks of the BIR’s leeway allowing filing in and payments to the nearest revenue district offices (RDOs), notwithstanding their jurisdiction, to give taxpayers easier access amid the prolonged COVID-19 pandemic.

Internal Revenue Commissioner Caesar Dulay earlier ordered BIR revenue officers to collect P256.9 billion in April — the highest monthly target for 2022, amid the mandatory tax-filing and payment deadline for taxable year 2021.

The BIR had been tasked with collecting a total of P2.44 trillion in taxes this year, amid sustained recovery from the pandemic-induced economic slump.

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TAGS: BIR, extension, ITR filing, tax collection, tax deadline
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