RMC No. 14-2003: Waives the imposition of penalties on professionals and brokers who failed to file their Value-Added Tax/Percentage Tax returns for the months of January and February

Key points

1. Extended filing and payment. Returns and payments due on or before March 20, 2003 may be filed and paid without penalty until April 20, 2003 for Percentage Tax and April 25, 2003 for VAT. This is done by filing one consolidated return reflecting all transactions from January 1, 2003 to March 31, 2003.
2. Collecting banks and agents. All Accredited Agent Banks and other Collection Agents accept payments of the January and February 2003 VAT or Percentage Tax liabilities without surcharge, interest or other penalties until those dates.

Who is affected

• Professionals and brokers who did not file VAT or Percentage Tax returns for January and February

Deadlines and effectivity

• Percentage Tax: until April 20, 2003
• VAT: until April 25, 2003
• Original due date: on or before March 20, 2003