RMC No. 59-2023: Announces the availability of the revised BIR Form No. 2550Q [Quarterly Value-Added Tax (VAT) Return] January 2023 (ENCS)

Key points

1. Changes reflected. From January 1, 2023, filing and payment under Section 114(A) is done within twenty-five (25) days following the close of each taxable quarter. Under Section 110(A)(2)(b), input VAT amortization is allowed only until December 31, 2021, after which unutilized input VAT on capital goods is applied as scheduled until fully utilized. Under Section 114(c), from January 1, 2021 the VAT withholding system shifts from final to creditable.
2. Availability. The form is on www.bir.gov.ph under BIR Forms-VAT/Percentage Tax Returns. It is not yet in eFPS or eBIRForms, so those filers keep using BIR Form No. 2550Q in eFPS and Offline eBIRForms Package v7.9.4 until a separate issuance announces it.
3. Manual filers. They download and print the PDF and fill out all applicable fields, otherwise penalties under Sec. 250 apply.
4. Payment. Online options are LBP Link.BizPortal, DBP PayTax Online, UBP Online/The Portal or Instapay via UPAY, and GCash, Maya or MyEG. Manual payment is at an Authorized Agent Bank in the jurisdiction where the Head Office is registered, or at the Revenue Collection Officer where there is none.

Who is affected

• VAT-registered taxpayers filing BIR Form No. 2550Q
• eFPS and eBIRForms filers
• Manual filers

Deadlines and effectivity

• Filing and payment within twenty-five (25) days following the close of each taxable quarter, beginning January 1, 2023