BIR released a Revenue Memorandum Circular that will waive penalties for ITR amendments to taxpayers who settled their payments on or before June 15, 2020.
The Bureau of Internal Revenue (BIR) announced that it will waive penalties for income tax return (ITR) amendments to taxpayers who settled their payments on or before June 15, 2020.
This, as BIR Commissioner Caesar R. Dulay released a Revenue Memorandum Circular No. 25-2020 dated March 16, 2020.
Inside a Revenue Memorandum Circular No. 25-2020 dated March 16, 2020, it stated that the tax filing deadline is still on April 15, 2020, adding that taxpayers can file ITRs tentatively if they believe the return to have discrepancies because of “limitations in the preparation” caused by a month-long enhanced community quarantine imposed by the Philippine government.
In addition, the said order allowed amendments to be filed “at any time” without penalty if any additional income tax was settled on or before June 15.
As stated in the Revenue Memorandum Circular No. 25-2020, it said:
“Considering the limitations in the preparation of the AITR (annual income tax return) to be filed by concerned taxpayers due to the aforesaid lockdown, errors in the determination of their income taxes are possible. Hence, taxpayers, at any time, can amend their AITR filed, provided the concerned taxable period has not been the subject of an audit. An amendment that will result in additional income tax to be paid, can still be paid without the imposition of corresponding penalties if the same shall be done not later than June 15, 2020.”
The BIR was urging taxpayers to make use of the electronic filing facilities of the BIR and pay online or over-the-counter instead.
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