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New ITR and SALN forms for filing starting 2012

January 29, 2012 9:08pm
In case you do not know, did not get the memo, or are infrequent visitors of the websites of the Bureau of Internal Revenue (BIR) and Civil Service Commission (CSC), there are new forms for income tax returns (ITRs) and Statements of Assets, Liabilities and Net Worth (SALNs) and they are required for use starting 2012.

ITRs and SALNs have risen to prominence in the nation's consciousness in recent days because of the ongoing impeachment trial of Chief Justice Renato Corona where these forms were the subject matter of requests for subpoenas from the prosecution panel and were often mentioned during the testimony of some witnesses.

Finance Secretary Cesar Purisima approved Revenue Regulations No. 19-2011, wherein BIR Commissioner Kim Henares prescribed the use of new forms by individual taxpayers, partnerships, and corporations when they file their ITRs on or before April 15 of this year for income they earned in 2011.

The new ITR forms are:

1. BIR Form 1700 version November 2011 (Annual Income Tax Return for Individuals Earning Purely Compensation Income);

2. BIR Form 1701 version November 2011 (Annual Income Tax Return for Self-Employed Individuals, Estates and Trusts); and

3. BIR Form 1702 version November 2011 (Annual Income Tax Return for Corporation, Partnership and Other Non-Individual Taxpayer).
 
SALNs

The CSC issued revised SALN forms. It is the government body that “implements the constitutional and statutory provisions on public disclosure, including the rule which requires state employees and officials to file annually their issued revised SALN forms.”

“The Commission enjoins all public officers and employees to use the Revised Statement of Assets, Liabilities and Net Worth (SALN) Form for the year 2011, the deadline for filing of which is on April 30, 2012,” the CSC said in its Resolution 1100902, which was issued in July 2011 and took effect the following month.

In its guidelines, the CSC said the SALN “should state true and complete declaration of assets, liabilities and net worth including disclosure of business interests and financial connections of the declarant.”

The CSC reminded all government officials and personnel: “Assets including those within or outside of the Philippines, whether real or personal, should be declared as well as description of real properties as to the kind, nature, exact location, acquisition mode and year, assessed value, fair market value, acquisition cost of land and/or building, including improvements made.”

The CSC also said that for “both single and joint filing, declarant must disclose all sources of income whether derived from practice of profession, business, and the like for the preceding calendar year. ”

“A new feature of the revised SALN form is the disclosure of the estimated amount of the declarant’s personal and family expenses. In case of joint filing, the declarant and his/her spouse shall declare the estimated amount of their personal and family expenses for the preceding calendar year,” the CSC stressed. Earl Victor L. Rosero/KBK, GMA News



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