BIR prescribes Quarterly VAT Return form with guidelines for filing and paying

The BIR has announced the availability of the revised “BIR Form No. 2550Q [Quarterly Value Added Tax (VAT) Return] April 2024 (ENCS) version, through their Revenue Memorandum Circular (RMC) No. 68-2024, issued on June 19, 2024. 

The return is attached to the circular as Annex “A” (RMC No. 68-2024 Annex A.pdf (bir.gov.ph)) and contains the following items/fields in compliance with the Ease of Paying Taxes (EOPT) Act:

• Item No. 35 - Output VAT on Uncollected Receivables
• Item No. 36 - Output VAT on Recovered Uncollected Receivables Previously Deducted
• Item No. 55 - Input VAT on Unpaid Payables
• Item No. 58 - Input VAT on Settled Unpaid Payables Previously Deducted

The revised BIR Form No. 2550Q is already available in the BIR website (www.bir.gov.ph) under the BIR Forms-VAT/Percentage Tax Returns Section, is not yet available in the Electronic Filing and Payment System (eFPS) and Electronic Bureau of Internal Revenue Forms (eBIRForms).  

Hence, the filing and payment shall be made as follows:  

1. eFPS Filers 

- File using the existing version of the BIR Form No. 2550Q in the eFPS and pay the VAT payable through eFPS-Authorized Agency Banks (AABs) where they are enrolled.

2.  eBIRForms Filers 

- File using the existing version of the BIR Form No. 2550Q in the Offline eBIRForms Package v7.9.4.2 and pay the VAT Payable through:

1. Online Payment (Landbank LinkBizPortal, DBP PayTax Online, Union Bank Online, Maya or MyEG)
2. Manual Payment
   1.  any AAB
   2.  In places where there are no AABs, the tax payable shall be paid to the Revenue Collection Officer (RCO) under any Revenue District Office (RDO). RCO may accept cash payment up to P20,000.00 only or in check regardless of amount, payable to the "Bureau of Internal Revenue".

- In cases where the eFPS or eBIRForms filers have amounts to be indicated in any of the items 35, 36, 55 and 58 mentioned above, they shall use the manual form to file their Value-Added Tax. They shall download and print the PDF version of the revised BIR Form No. 2550Q, and must fill out all the applicable fields; otherwise, penalties under Sec. 250 of the Tax Code, as amended, shall be imposed. If there is a VAT payable, payment shall be made through any AAB or thru a RCO under any RDO.

3.) Manual Filers 

- Must download and Print the PDF Version of the revised BIR Form 2550Q and fill out all the applicable fields, otherwise penalties, will be imposed. Payment of the tax can be done through any AAB or thru an RCO under any RDO.

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