Special InTAX: February 2024 Issue 1 | Volume 3

Bureau of Internal Revenue

The Bureau of Internal Revenue (BIR) issued the following:

Revenue Memorandum Circular (RMC) No. 23-2024, dated 26 January 2024, to announce the availability of BIR Form No. 1701A for Individuals Earning PURELY from Business/Profession (Those under the graduated income tax rates with OSD as mode of deduction OR those who opted to avail of the 8% flat income tax rate)] in the Electronic Filing and Payment System (eFPS). The return shall be filed and the tax due thereon, if any, shall be paid using the eFPS Facility effective immediately on or before April 15 of each year covering income for the preceding taxable year.

Mandated eFPS users/filers who are required to file the said return are advised to check if it is already included in the list of tax returns in their eFPS. In case the return is not yet included, they shall coordinate with the Revenue District Office (RDO) where they are registered and comply with the requirements of the RDO for the uploading of the return in the eFPS.

The return shall be filed and the tax due thereon, if any, shall be paid using the eFPS Facility effective immediately.

RMC No. 22-2024, dated 26 January 2024, to announce the availability of the BIR Form No. 1702-EX [Annual Income Tax Return for Corporation, Partnership and Other Non-Individual Taxpayers EXEMPT Under the Tax Code, as Amended, {Sec. 30 and those exempted in Sec. 27(C)} and Other Special Laws, with NO Other Taxable Income] January 2018 (ENCS) v2 in the Electronic Filing and Payment Systems (eFPS) of the BIR.

The aforementioned BIR Form shall be filed and the tax due must be paid on or before the 15^th day of the 4^th month following the close of the taxpayer’s taxable year.

All mandated eFPS taxpayers who are required to file the said return and pay the corresponding tax due thereon must use the eFPS facility effective immediately.

Here are the full text of the issuances: RMC No. 22-2024 and RMC No. 23-2024.