Special InTAX: January 2023 Issue 1 | Volume 1

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

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

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special intax

Bureau of Internal Revenue

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 5-2023, dated 13 January 2023, which provides that VAT-registered taxpayers are no longer required to file Monthly VAT Declaration (BIR Form No. 2550M) in relation to the amendment introduced by Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN Law) for Section 114(A) of the National Internal Revenue Code of 1997 (Tax Code).

For transactions starting 1 January 2023, the corresponding Quarterly VAT Return (BIR Form No. 2550Q) shall be filed within 25 days following the close of each taxable quarter when the transaction transpired.

RMC No. 5-2023 also provides for the transitory provisions during its initial implementation, particularly for taxpayers adopting the fiscal period of accounting.

Please click on the link for the full text of the issuance: RMC No. 5-2023

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