RMC No. 40-2011: Notifies the use of new Income Tax forms

Key points

1. New forms. BIR Form 1700 (version June 2011) is the annual return for individuals earning purely compensation income. BIR Form 1701 (version June 2011) is for self-employed individuals, estates and trusts. BIR Form 1702 (version June 2011) is for corporations, partnerships and other non-individual taxpayers.
2. Fiscal year filers. All juridical entities following a fiscal year of reporting must also use the new BIR Form 1702, starting with those covered by fiscal year ending January 31, 2012.

Who is affected

• Individuals earning purely compensation income
• Self-employed individuals, estates and trusts
• Corporations, partnerships and other non-individual taxpayers
• Juridical entities on a fiscal year

Deadlines and effectivity

• Applies starting calendar year 2011, due on or before April 15, 2012
• Fiscal year filers: starting with fiscal year ending January 31, 2012