Summary
RMC No. 41-2016 further amends RMC No. 57-2011 (as amended by RMC Nos. 21-2013, 9-2014 and 13-2015) on the revised BIR Forms No. 1700, 1701 and 1702.
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Key points
- Supplemental Information made optional. Disclosure of Supplemental Information on BIR Form Nos. 1700 and 1701 is optional for income tax filing covering and starting with calendar year 2015, due on or before April 15, 2016.
- Mandatory from calendar year 2016. For filing covering and starting with calendar year 2016, the Supplemental Information disclosures on Forms 1700 and 1701 become mandatory.
- Records to keep. Taxpayers are advised to demand BIR Form No. 2307 and other evidence of final taxes withheld from their payors. Those in business should receipt and book all income, whether subject to final withholding tax or tax-exempt.
Who is affected
- Individual income tax filers using Forms 1700 and 1701
Deadlines and effectivity
- Optional: calendar year 2015 returns due on or before April 15, 2016
- Mandatory: calendar year 2016 filing onward
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.