Philippines: Monthly VAT declaration no longer required

Taxpayers registered for value added tax (VAT) are no longer required to file a monthly VAT declaration

Taxpayers registered for value added tax (VAT) are no longer required to file a monthly VA

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 5-2023 (13 January 2023) providing that taxpayers registered for value added tax (VAT) are no longer required to file a monthly VAT declaration (BIR Form No. 2550M).

For transactions starting 1 January 2023, the corresponding quarterly VAT return (BIR Form No. 2550Q) needs to 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.

Read a January 2023 report prepared by the KPMG member firm in the Philippines

 

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