RMC No. 5-2023: Provides transitory provisions for the implementation of the Quarterly filing of VAT Returns starting January 1, 2023 pursuant to Section 114(A) of the Tax Code of 1997, as amended by RA No. 10963 (TRAIN Law)

Key points

1. End of monthly VAT declaration. VAT-registered taxpayers no longer file BIR Form No. 2550M for transactions starting January 1, 2023. They file BIR Form No. 2550Q within twenty-five (25) days after the close of each taxable quarter.
2. Fiscal period taxpayers. For quarters ending January 31 and February 28, 2023, BIR Form No. 2550M is still required for December 2022 transactions, not later than January 20, 2023. It is not required for January and February 2023.
3. 2550Q deadlines. The 2550Q for the quarter ending January 31, 2023 is due not later than February 27, 2023, and for the quarter ending February 28, 2023 not later than March 27, 2023. The 25th day falls on a Saturday for both.

Who is affected

• VAT-registered taxpayers
• Taxpayers under fiscal period of accounting

Deadlines and effectivity

• Quarterly filing starts with transactions from January 1, 2023
• BIR Form No. 2550Q: within 25 days after quarter close
• BIR Form No. 2550M for December 2022: not later than January 20, 2023