RMC No. 71-2004: Prescribes the mandatory availment of the Electronic Filing and Payment System and mandatory Electronic Submission of Summary List of Sales and Purchases and Annual Alphalist of Income Payees and Taxes Withheld

Key points

1. Covered taxpayers. Insurance Companies registered with the SEC and licensed under the Insurance Commission, and Stock Brokers registered with the SEC, must file electronically. This applies if they are not otherwise Large Taxpayers or top 10,000 taxpayers.
2. Returns and branches. They file and pay through eFPS the returns available for e-filing under Item 2.12 of Section 2 of RR No. 9-2001, as amended by RR No. 5-2004. Their branches’ returns are included if located in computerized RDOs.
3. Staggered filing group. Under RR No. 26-2002, Insurance Companies belong to Group A and Stock Brokers to Group E.
4. E-submission. All taxpayers covered by eFPS electronically submit their Summary List of Sales and Purchases and Annual Alphalist of Income Payees and Taxes Withheld.
5. Start dates. For newly covered taxpayers, e-returns apply starting December 20, 2004. Summary List of Sales and Purchases applies from the quarter ending September 30, 2004, and the alphalists from January 31, 2005 (BIR Form 1604CF part) and March 1, 2005 (BIR Form 1604E part).

Who is affected

• Insurance Companies registered with the SEC and licensed under the Insurance Commission
• Stock Brokers registered with the SEC
• Not covered if Large Taxpayers or top 10,000 taxpayers

Deadlines and effectivity

• E-returns of newly covered taxpayers: starting December 20, 2004
• Summary List of Sales and Purchases: starting quarter ending September 30, 2004
• Annual Alphalists (BIR Form 1604CF): starting January 31, 2005
• Annual Alphalist (BIR Form 1604E): starting March 1, 2005