Special InTAX: Let's Get on the TRAIN (Tax Alert 15)

InTAX is an official publication of Tax Group of R.G. Manabat & Co.

Let's Get on the TRAIN

BUREAU OF INTERNAL REVENUE

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 27-2018, 16 April 2018, to prescribe the following new and revised BIR Forms:

BIR Form No.	BIR Form name	Availability of the new/revised return	Amount to be indicated in the new return	Additional information
1601-EQ	Quarterly Remittance Return of Creditable Income Taxes Withheld (Expanded)	✔ Manual ✔ eBIRForms ✔ eFPS	Total amount of taxes withheld for the quarter Remittances made for the first 2 months of the quarter using BIR Form No. 0605 or the old returns (1601-E/1601-F) or the new remittance form under BIR Form No. 0619-E/0619-F, once available, shall also be reflected	In case manual and electronic filers have already remitted the creditable/ final income taxes withheld for the 3rd month using BIR Form No. 0605 or the old returns or the new remittance form under BIR Form No. 0619-E/0619-F, once available, the taxpayers concerned still need to file the quarterly return Over-remittance of 1601-EQ can be carried over to the next quarter within the same taxable year Required attachment of Quarterly Alphalist of Payees (QAP) shall be submitted through esubmission@bir.gov.ph or through the email address of the RDO having jurisdiction over the registered address of the withholding agent using the revised Alphalist Data Entry and Validation Module 6.0
1601-FQ	Quarterly Remittance Return of Final Income Taxes Withheld	✔ Manual ✔ eBIRForms ✔ eFPS
1602Q	Quarterly Remittance Return of Final Taxes Withheld on Interest Paid on Deposits and Deposits Substitutes/ Trusts/Etc	✔ Manual	Total amount of taxes withheld for the quarter In case electronic filers have already remitted the taxes withheld for the 1st and 2nd months using BIR Form No. 0605 or 1602 or the new remittance form under BIR Form No. 0619-F, the amount to be remitted is only the taxes withheld for the third month	In case manual filers have already remitted the taxes withheld for the 3rd month using BIR Form No. 0605 or the old return or the new remittance form under BIR Form No. 0619-F, once available, taxpayers concerned still need to file the quarterly remittance return Over-remittance can be carried over to the next quarter within the same taxable year
1603Q	Quarterly Remittance Return of Final Income Taxes Withheld on Fringe Benefits Paid to Employees Other Than Rank and File			For electronic filers, the tax rate of the alphanumeric tax code (ATC) WF360 is still 32% in BIR Form No.1603. To complete the 35% tax rate, electronic filers shall use and file BIR Form No. 0605 for the 3% deficiency tax reflecting the following a. Tax Type: WR Withholding Tax – Fringe Benefits b. ATC MC 031 – Deficiency Tax
1601-C	Monthly Remittance Return of Income Taxes Withheld for Compensation

Attached is a copy of RMC 27-2018 and Annexes A-E for your reference.

DISCLAIMER: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although R.G. Manabat & Co. endeavors to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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