The Bureau of Internal Revenue (BIR) clarified that the filling of annual income tax returns (ITR) is still on April 15 amid misconceptions about the adjustments on the schedule due to the implementation of the tax reform law.
"The Bureau of Internal Revenue (BIR) is reminding all taxpayers that the deadline for the filing of the individual Annual Income Tax Return (ITR) and the payment of the tax due thereon, if any, is still April 15 following the close of each taxable year," the bureau said in a statement.
The BIR said it issued the clarification amid claims from certain sectors that the deadline is now May 15 following the effectivity last January 1, 2018 of Republic Act (RA) 10963 or the Tax Reform Acceleration and Inclusion (TRAIN) Law.
"What was changed under the TRAIN law is the deadline for the filing of the First Quarterly Income Tax Return for Self-employed individuals and professionals (BIR Form 1701Q) which now falls on May 15 of each taxable year," the BIR emphasized.
"Under the old law, the deadline was April 15 which coincides with the deadline for the filing of the Annual Income Tax Return (BIR Form 1700 and 1701)," it added.
With the clarification, all individual taxpayers are expected to file their annual ITRs for 2017 on or before April 15, 2018, the BIR said.
For self-employed individuals and professionals, they should be filing their 2018 First Quarter BIR Form 1701Q on May 15, 2018.
"The deadline for the second and third quarters remained the same. These said deadlines apply to succeeding taxable years," according to the BIR.
The bureau also took note that there will be no extension of the said deadlines and taxpayers are encouraged to file early to avoid the usual issues and inconvenience experienced during the last day of filing.
"Tax returns filed and taxes paid after the deadline will be slapped with the corresponding penalties as provided for in the Tax Code. Penalties include 25 percent surcharge, 20 percent interest per annum and compromise penalty, according to schedule of penalties," the BIR said. — MDM, GMA News