CLARIFICATION ON TAX DEADLINE FOR FILING OF ANNUAL INCOME TAX RETURNS (AITR) FOR TAXABLE YEAR ENDING DECEMBER 31, 2021 (Revenue Memorandum Circular No. 42-2022, April 12, 2022)
- The deadline for filing of Annual Income Tax Return (AITR) as well as the payment is on or before 18 April 2022 (Monday) since 15 April 2022 falls on a non-working holiday.
- The filed AITR may be amended on or before 16 May 2022 without imposition of surcharge, penalties and interest.
- Provided that, a taxpayer whose amended returns result in overpayment of taxes paid can opt to carry over the overpaid tax as credit against tax due for the same tax type in the succeeding period or file for a refund.
- Taxpayers may file their return through the following:
- eBIRForms – for taxpayers required to use or voluntarily opt to use the eBIRForms, file the tax return through eBIRForms System
- Electronic Filing and Payment System (eFPS) – for taxpayers required to use or voluntarily opt to use the eFPS Facility, file the return electronically. However, in case that the newly created tax returns are not yet available in the eFPS Facility , but already available in the eBIRForms System, taxpayers shall file the said return using the eBIRForm System.
- Payment for taxes due can be made through the following payment facilities:
- Manually thru Authorized Agent Banks (AABs) and Revenue Collection Officers (RCOs) notwithstanding the Revenue District Office (RDO) jurisdiction
- Electronic payment (ePAY) facilities:
- Land Bank of the Philippines’ (LBP) Link.Biz Portal – for taxpayers who have ATM account with LBP and/or holders of Bancnet ATM/Debit/Prepaid Card or taxpayer utilizing PCHC PayGate or PesoNet facility (depositors of RCBC, Robinsons Bank, Union Bank, BPI and PSBank)
- Development Bank of the Philippines’ (DBP) Pay Tax Online – for holders of Visa/Mastercard Credit Card and/or BancNet ATM/Debit Card: or
- Union Bank of the Philippines’ (UBP) Online/The Portal – for taxpayers who have an account with UBP or InstaPay using UPAY Facility for individual non-account holders of Union Bank.
- Electronic payment may also be made through Taxpayer Service Provider (TSP) such as Gcash, PayMaya, and MyEG.
- For non-eFPS taxpayers with “No Payment” CY2021, AITR shall be filed electronically through eBIRForms System.
- However, the following may manually file their “No Payment CY2021 AITR”:
- Senior Citizens or Person with Disabilities (PWDs)
- Employees deriving purely compensation income from two or more employers, concurrently or successively at any time during the taxable year, or from a single employer, although income of which has been correctly subjected to withholding tax, but whose spouse is not entitled to substituted filing; and
- Employees qualified for substituted filing under Revenue Regulations No. 2-98 Sec. 2. 83.4, as amended but opted to file for an ITR and are filing for purposes of promotion, loans, scholarships, foreign travel requirements, etc.
- The attachments to the AITR such as Audited Financial Statements may be submitted on or before 31 May 2022.
NON-IMPOSITION OF SURCHARGE ON AMENDED RETURNS (Revenue Memorandum Circular No. 43-2022, April 12, 2022)
- A penalty amounting to 25% of the amount due shall be imposed on the following cases:
- Failure to file any return and pay the tax due thereon on the date prescribed; or
- Unless otherwise authorized by the Commissioner, filing a return with an internal revenue officer other than those with whom the return is required to be filed; or
- Failure to pay the deficiency tax within the time prescribed for its payment in the notice of assessment; or
- Failure to pay full or part of the amount of tax shown on any return required to be filed under provisions of this code or rules and regulations, or the full amount of the tax due for which no return is required to be filed, on or before the date prescribed for its payment.
- A 25% surcharge shall not be imposed on an amendment of a tax return if the taxpayer was able to file the initial tax return on or before the prescribed due date for its filing.
- However, a 25% surcharge will be imposed on the tax deficiency found during audit if the particular tax return has been filed beyond the prescribed period or due date.
This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. If you have clarification or concern or no longer wish to receive updates, please feel free to reach out to us.
Best regards,
Ron Dumlao
