A Gentle Reminder: Year-end Tax Compliance
Forvis Mazars shares a list of the most important annual year-end tax compliance deadlines.
Start the new year with more deadlines!
The year 2022 is coming to an end. The holiday rush is almost over. But for the first few weeks of 2023, instead of long queues in the supermarkets for groceries and malls for Christmas gift shopping, the Bureau of Internal Revenue (BIR), Local Government Units (LGU), Securities and Exchange Commission (SEC) and other government offices will be packed with taxpayers and business owners lining up to submit the 2022 year-end tax compliance requirements.
Here are all the annual year-end submissions and the respective deadlines that every taxpayer and every tax practitioner should look out for.
Bureau of Internal Revenue
Required filing | Remarks | Deadline |
| Annual Registration Fee (ARF) BIR Form No. 0605 | Php 500.00 of ARF is being filed and paid every year for every branch. | January 31 |
Annual Information Return of Income Payments Subjected to Final Withholding Taxes BIR Form No. 1604-F | Under RMC No. 18-2021, since the new separate forms were not yet available in the eFPS facility during the past two filing periods and BIR have no new issuances on this matter, the eFPS users were advised to file using the new BIR Form No. 1604-C and BIR Form No. 1604-F thru the eBIR Forms Package. Should there be updated forms in the eFPS facility, the eFPS filers shall use the new returns. Manual filers are advised to file through the offline eBIR Forms package using the new forms. | January 31 |
Annual Information Return of Income Taxes Withheld on Compensation (with Alphalist) | January 31 | |
| Submission of BIR Forms No. 2316 (Certificate of Compensation Payment / Tax Withheld) of employees under substituted filing | Under RMC No. 29-2021, the BIR Forms No. 2316 may be submitted without the employees’ signature as long as the employer’s authorised representative duly signs it. BIR also allow the use of an e-signature instead of a wet signature. The BIR Forms No. 2316 shall be submitted through the electronic Audited Financial Statements (eAFS) System, USB or CD/DVDs. | Distribution to employees January 31
Submission to BIR February 28 |
Annual Information Return of Creditable Income Taxes Withheld (Expanded)/ Income Payments Exempt from Withholding Tax (with Alphalist) | March 1 | |
Submission of Books of Accounts
-Manual Books of Accounts
-Loose-leaf Books of Accounts
-Computerized Books of Accounts | The manual books are not submitted annually and are only required to be re-stamped once the existing books are fully used up.
The whole set of loose-leaf books for the taxable year shall be submitted to BIR.
The computerised books for the taxable year shall be saved in CDs/DVDs for submission to the BIR.
*The submission of these books must be accompanied by a duly filled-out BIR Form No. 1905, along with other additional requirements. |
January 15
January 30 |
Submission of Inventory List
| The list includes an inventory of stocks-in-trade, raw materials, goods-in-process, supplies and other goods. The BIR provides the required template in RMC 57-2015 and its Annexes. | January 30 |
Submission of Notarized Income Payee’s Sworn Declaration of Gross Receipts/Sales with required attachments of Individuals to the Payee or Withholding Agent
| Required templates: (RR 11-2018)
| January 15 |
| Submission of Notarized Income Payor/Withholding Agent’s Sworn Declaration with List of Payees Not Subjected To Withholding Tax | The required template is Annex C of RR 11-2018. | January 31 |
| Submission of Lessee Information Statement | The Contract of Lease and other attachments by Lessors/Sub-Lessors of Commercial Establishments, Buildings or Spaces for Tenants shall also be submitted, covering the 2nd semester of 2022. See RR 12-2011 for the prescribed format. | January 31 |
| Filing of Annual Income Tax Return (ITR) | The Annual ITR shall be filed either thru the eFPS and eBIR facility (prescribed for manual filers).
| Individuals and corporate taxpayers following the calendar year: April 15 |
| Submission of Annual Income Tax Return (ITR) and Annual Audited Financial Statement (AFS), if applicable, and other attachments. | Revenue District Offices (RDOs) where the business is registered accept offline submissions by stamping on the face of the AITR, AFS and the attachments.
BIR also accepts online submissions through the Electronic Audited Financial Statements System (eAFS). | Fifteen days within the filing deadline or date of actual filing of the return. |
Local Government Units (LGU)
| Document | Other Remarks | Deadline |
| Mayor’s permit/Local business permit | Depending on the business industry of the taxpayer, certifications and permits such as but not limited to an Occupancy Permit, Fire Safety Inspection Certificate (FSIC), Sanitary Permit, and Zoning Clearance are required to be secured in the different offices within the LGU. | January 20 |
| Payment on Renewal of Occupational Tax Receipt (OTR) or Professional Tax Receipt (PTR) | All professionals under the authority of the Professional Regulations Commission (PRC) must pay their annual PTR.
Meanwhile, professionals not under the authority of the PRC must pay their annual OTR to practice their profession. | January 31 |
Securities and Exchange Commission (SEC)
Required Submission | Other Remarks | Deadline |
| Submission of Audited Financial Statement (AFS) | All required submissions must be made online through the SEC Electronic Filing and Submission Tool (eFAST) (formerly Online Submission Tool).
SEC does not accept anymore over-the-counter submissions and those submitted through courier.
GIS forms are available for download from the SEC website.
*The submission schedule is pursuant to SEC Memorandum Circular No. 9, series of 2022, dated December 6, 2022. | Corporations following the calendar year depending on the last digit of SEC registration:
1 and 2 – May 2, 3, 4 and 5 3 and 4 – May 8, 9, 10, 11 and 12 5 and 6 – May 15, 16, 17, 18 and 19 7 and 8 – May 22, 23, 24, 25 and 26 9 and 0 – May 29, 30, 31, June 1 and 2 Corporations following the fiscal year: 120 calendar days from the end of its fiscal year |
| Submission of General Information Sheet (GIS) | Stock corporations: 30 calendar days from the date of the actual annual stockholders’ meeting
Non-stock corporations: 30 calendar days from the date of the actual annual members’ meeting
Foreign corporations: Thirty calendar days from the anniversary date of the issuance of the SEC license. |
In recent years, government agencies introduced more online facilities and modes of submission in anticipation of a large number of taxpayers they will cater to during the busy seasons. This is also mainly for the convenience and health safety of the general public.
To ensure compliance, these government agencies impose surcharges and penalties in case of late submissions. Hence, with this extensive to-do list, it is best to check all applicable requirements, watch out for deadlines, and start working on the requirements as early as possible.
Have a productive busy season ahead!