Tax
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Tax Year-End Reminders
12 December 2024
Written by: Earl Gioseph Enriquez
Let’s welcome our New Year with deadlines made easy.
Let’s welcome our New Year with deadlines made easy.
As we end 2024 with a pat in our backs and a job well done for a successful year, we now welcome 2025 with a fresh perspective and new goals to strive and achieve. The Bureau of Internal Revenue (BIR), Local Government Units (LGUs), Securities and Exchange Commission (SEC), and other government agencies have made significant advancements in technology aimed at reducing human interactions that often lead to long queues. These innovations are designed to streamline processes, making transactions easier and more convenient for citizens.
Here is a quick look at all annual year-end requirements and their deadlines that every taxpayer, tax practitioners and business owners should be aware of.
Bureau of Internal Revenue
Required Filing | Remarks | Deadline |
| 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 under Revenue Regulation RMC No 11-2018.pdf: Annex B-1 RR 11-2018.docx (For Self-Employed and/or Engaged in the Practice of Profession with Several Income Payors) Annex B-2 RR 11-2018.docx (For Self-Employed and/or Engaged in the Practice of Profession with Lone Income Payor) Annex B-3 RR 11-2018.docx (For Non-Individual Taxpayer with Several Income Payors)
| January 15 |
Submission of Books of Accounts Manual Books of Accounts Loose-leaf Books of Accounts Computerized Books of Accounts | Manual Books New sets of Manual Books of Accounts are not required to be registered every year. However, taxpayers may have the option to use new sets of manual Books yearly, which should be registered prior to its use.
Loose-Leaf Books Whole set of loose-leaf books for the taxable year shall be submitted to BIR.
Computerized Books Computerized 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 BIR Form No. 1905, along with other additional requirements.
Taxpayers who shall register their books of accounts online shall use the BIR Online Registration and Update System (ORUS) at https://orus.bir.gov.ph. Upon successful registration, the system shall generate the “QR Stamp”, which the taxpayers shall paste on the first page of their manual books of accounts and permanently bound loose leaf books of accounts.
For Computerized Books of account, the “QR Stamp” shall be attached to the transmittal letter showing detailed content of the USB flash drive where the books of accounts and other accounting records are stored/saved. Revenue Memorandum Circular RMC No. 3-2023 (1).pdf
|
Loose-leaf Books of Accounts January 15
Computerized Books of Accounts January 30 |
Submission of Inventory List | The list includes annual inventory of Stock-in-Trade, raw materials, goods in process, supplies and other goods.
This shall be submitted in soft copies using the formats as prescribed in Revenue Memorandum Circular RMC No. 8-2023 (1).pdf (RMC No 8-2023 Annex A-C.xlsx and | January 30 |
BIR Form No. 1604-F (with Alphalist) Annual Information Return of Income Payments Subjected to Final Withholding Tax
BIR Form No. 1604-C (with Alphalist) Annual Information Return of Income Taxes Withheld on Compensation | As provided under Sec 3 of Revenue Regulation (RR) 4-2024, “The filing of tax returns shall be done electronically in any of the available electronic platforms. However, in case of unavailability of the electronic platforms, manual filing of tax returns may be allowed.” | January 31 |
Submission of Notarized Income Payor/Withholding Agent’s Sworn Declaration with List of Payees Not Subjected to Withholding Tax | Required templates under Revenue Regulation (RR) 11-2018: | January 31 |
Submission of Lessee Information Statement | All owners or sub-lessors of commercial establishments/ building/ spaces who are leasing or renting out such commercial space to any person doing business therein are required to submit in hard and soft copies the ff:
Building/Space layout being leased Certified True Copy of Contract of Lease per Tenant Lessee Information Statement in prescribed format (Please see RR 12-2011) Excel Format printed copy and soft copy stored in a CD-R. | January 31 |
BIR Form No. 2316 Certificate of Compensation Payment/Tax withheld) of employees under substituted filing | As provided under Sec 4 of Revenue Memorandum Circular (RMC) 29-2021, “The withholding agents who issue the BIR Forms No 2316 have the option to use e-Signature, aside from the manual signature, on such BIR Forms/Certificates.
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 |
BIR Form 1604-E (with Alphalist) Annual Information Return of Creditable Income Taxes Withheld (Expanded)/Income Payments Exempt from Withholding Tax | As provided under Sec 3 of Revenue Regulation (RR) 4-2024, “The filing of tax returns shall be done electronically in any of the available electronic platforms. However, in case of unavailability of the electronic platforms, manual filing of tax returns may be allowed. | March 1 |
Filing of Annual Income Tax Return (AITR) | The Annual Income Tax Return shall be filed thru eFPS and eBIR facility | Individual and Corporate Taxplayers following the Calendar Year: April 15
Corporate Taxpayers following the Fiscal Year:
15th day of the fourth month following the close of the taxable year. |
| Submission of Annual Income Tax Return (AITR) and Audited Financial Statement (AFS) | The filing of the AITR shall be done electronically in any of the available electronic platforms (eFPS or eBIRForms). However, in case of unavailability/inaccessibility of the electronic platforms, manual filing of the AITR may be allowed.
For payment of Income Tax due, it shall be made either electronically in any of the available electronic payment (ePAY) gateways or manually to any Authorized Agent Bank (AAB) or Revenue Collection Officer (RCO) or any Revenue District Office (RDO)
Revenue District Offices encourage taxpayers to submit the attachments through their online platforms (eAFS) to simplify the process, but manual submission is still permitted.
The following are the required attachments:
Duly Filed Annual ITR; Filing Reference Number (FRN) for eFPS efiling or Tax Return Receipt Confirmation (TRRC) for eBIR efiling; Proof of Payment; Certificate of Independent CPA duly Accredited by the BIR (required if the gross annual sales, earnings, receipts or output exceed Three Million [P3,000,000.00]).; Audited Financial Statements (AFS) with Notes; Statement of Management Responsibilities (SMR) (for both AFS and ITR); BIR Form No. 2307 – Certificate of Creditable Withholding Tax (CWT) (scanned copy and saved in DVD-R or USB); BIR Form No. 2304 – Certificate of Income Payments not Subjected to Withholding Tax; BIR Form 2316 Certificate of Compensation Payment/Tax Withheld; Summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax at Source (SAWT) with proof of e-submission; Duly approved Tax Credit Memo (if applicable); Proof of Foreign Tax Credits (if applicable); Proof of Prior Year’s Excess Credits (if applicable); BIR Form No. 1709 – Information Return on Transactions with Related Party (if applicable) pursuant to Revenue Memorandum Circular RMC No. 54-2021 v2.pdf; For Amended Return, proof of tax payment and the Return previously filed;
The attachments to the AITR shall be stamped only on the page of Audit Certificate, Balance Sheet/Statement of Financial Position and Income Statement/Statement of Comprehensive Income.
In case of Corporations and other juridical persons, at least two (2) extra copies of the audited financial statements for filing with the Securities and Exchange Commission (SEC) should be stamped “Received” | Fifteen days within the filing deadline or date of actual filing of the return. |
Local Government Units (LGU)
Document | Remarks | Deadline |
| Mayor’s Permit/Local Business Permit | Depending on the location and business industry of the Taxpayer, here are the certifications and permits required to be secured in the different offices within the LGU, which are but not limited to the following: Barangay Business Permit/Clearance; Locational Clearance and Zoning Certificate from the City or Municipal Planning and Development Office (CPDO); Fire Safety Inspection Certificate (FSIC) from the Bureau of Fire Protection (BFP); Sanitary and Occupational Health Permits; City or Municipal Environment and Natural Resources (CENRO) Permit; Cedula/Community Tax Certificate (CTC); Comprehensive General Liability Policy (Insurance); Business Plate (if applicable). | January 20 |
| Local Business Tax (LBT) | Under the Corporate Recovery and Tax Incentives for Enterprise (CREATE) Law, Registered Business Enterprises (RBE), which are subject to 5% gross income tax, are exempt from local taxes. | 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
Professionals not under the authority of the PRC must pay their annual OTR to practice their profession. | January 31 |
| Real Property Tax (RPT) | As stated in the Local Government Code of 1991, Amilyar or Real Property Tax computation is based on the following rates:
1% of the assessed value of the property in the province 2% of the assessed value of the property within Metro Manila.
The following are the documents to be presented:
Official Receipt for prior Tax Payment Property Title Tax Declaration Number. | January 31 for full payment; or
Four installments on March 31 June 30 September 30 December 31
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Securities and Exchange Commission (SEC)
Document | Remarks | Deadline |
| Submission of Audited Financial Statement (AFS) | All required submissions must be made online through the SEC Electronic Filing and Submission Tool (eFAST)
Over-the-Counter and courier submissions are no longer entertained.
| To be determined
*The schedule of submission is not yet available since no circular is issued as of date. |
Submission of General Information Sheet (GIS) | General Information Sheet Forms are available in the SEC Website.
| 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.
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As the Government strives to ensure safety and convenience of the general public with the introduction of online facilities and modernized process, we expect that the notorious ‘busy season’ will be replaced by a ‘normal busy day’, or at best, a ‘normal day’ than what we usually experience every year.
With this extensive guide on the year-end compliance requirements, be sure to check what is applicable, prepare for all reportorial requirements and be aware of the deadlines to avoid penalties and surcharge.
Let’s welcome 2025 with busy season made easy.
Tax Services in the Philippines
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