Special InTAX: Let's Get on the TRAIN (Tax Alert 28)

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 the following:

Revenue Memorandum Circular (RMC) No. 17-2019, 23 January 2019, circularizing the availability of the New BIR Form No. 1701A. The new return shall be used by the Individuals Earning Income purely from Business/Profession, who are under the graduated income tax with Optional Standard Deduction (OSD) as mode of deductions OR those who opted to avail of the 8% flat income tax rate, in filing the annual income tax return and paying the income tax due starting the year 2018 which is due on or before 15 April 2019.

RMC 19-2019, 29 January 2019, which circularizes the availability of various revised BIR forms version January 2018 as follows:

BIR Form No.	Form Name	Filing Procedure
1700 (Annex “A”)	Annual Income Tax Return – Individuals Earning Purely Compensation Income (Including Non-Business/Non-Profession Income)	The manual return available in the BIR website under the BIR Forms-Income Tax Return section shall be used in filing and paying the income tax due.
1702-EX (Annex “B”)	Annual Income Tax Return – Corporation, Partnership and Other Non-Individual Taxpayer EXEMPT under the Tax Code, as amended [Section 30 and those exempted in Sec. 27 (C)], and Other Special Laws, with NO Other Taxable Income	Those filing through the Electronic Filing and Payment System (eFPS) and Electronic Bureau of lnternal Revenue Forms (eBlRForms) shall use the existing old version available in eFPS and in the Offline eBIRForms Package in filing the returns. A revenue issuance shall be released once the returns are available in the eFPS and new Offline eBIRForms Package.
1702-RT (Annex “C”)	Annual Income Tax Return – Corporation, Partnership and Other Non-Individual Taxpayer Subject Only to REGULAR Income Tax Rate
1707 (Annex “D”)	Capital Gains Tax Return for Onerous Transfer of Shares of Stock Not Traded Through the Local Stock Exchange

Manual filers shall download the PDF version of the form, print the form and completely fill out the applicable fields, otherwise shall be subjected to penalties under Sec. 250 of the Tax Code, as amended. Payment of the tax due thereon for manual and eBlRForms filers, if any, shall be made thru:

Type of Payment

Particulars

Manual Payment

· Authorized agent bank (AAB) located within the territorial jurisdiction of the Revenue District Office (RDO) where the taxpayer is registered.

· In places where there are no AABs, the return shall be filed and the tax due shall be paid with the concerned Revenue Collection Officer (RCO) under the jurisdiction of the RDO using MRCOS facility.

Online Payment

· Thru GCash mobile payment

· Land Bank of the Philippines (LBP) LinkBiz Portal, for taxpayers who have ATM account with LBP and/or holders of Bancnet ATM/Debit Card

· DBP Tax Online, for holder of VISA/Master Credit Card and/or Bancnet ATM/Debit Card

Attached are the full texts of the issuances.

BIR Form No. 1700

BIR Form No. 1701A

BIR Form No. 1702-EX

BIR Form No. 1702-RT

BIR Form No. 1707

Revenue Memorandum Circular No. 17-2019

Revenue Memorandum Circular No. 19-2019

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