Special InTAX: May 2023 Issue 1 | Volume 3

Bureau of Internal Revenue

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 52-2023, dated 10 May 2023, provides for the optional filing and payment of monthly VAT returns (BIR Form No. 2550M) for VAT-Registered Persons. 

Salient points are as follows: 

• VAT-registered persons may continue to file and pay the VAT on a monthly basis and still use BIR Form No. 2550M. 
• Procedures and guidelines set forth in Revenue Regulations No. 16-2005, 6-2014, RMC No. 68-2005, and other related revenue issuances regarding the use of BIR Form No. 2550M shall continue to apply. 
• If the VAT-registered person opts to switch from filing the VAT return and paying tax on a monthly basis using BIR Form No. 2550M to quarterly filing using BIR Form No. 2550Q or vice versa, no penalties shall arise.
• Filing of the BIR Form No. 2550Q and payment of VAT must be made within the period provided under the Tax Code which is within 25 days following close of each taxable quarter.
• There is no prescribed deadline for the monthly filing of the BIR Form No. 2550M.

The RMC shall take effect immediately.

Please click on the link for the full text of the issuance: RMC No. 52-2023