RMC No. 13-2015: Further amends RMC No. 57-2011, as amended by RMC Nos. 21-2013 and 9-2014, entitled “Revised Form Nos. 1700, 1701 and 1702”

Summary

RMC No. 13-2015 further amends RMC No. 57-2011, as amended by RMC Nos. 21-2013 and 9-2014, on Revised Form Nos. 1700, 1701 and 1702, by making the Supplemental Information optional for calendar year 2014.

Key points

1. Optional for calendar year 2014. Disclosure of Supplemental Information under BIR Form Nos. 1700 and 1701 is optional for Income Tax filing covering and starting with calendar year 2014, due on or before April 15, 2015.
2. Mandatory from calendar year 2015. For individual income tax filers using BIR Form Nos. 1700 and 1701, the Supplemental Information disclosures become mandatory for filing covering and starting with Calendar Year 2015.
3. Advice on documentation. Taxpayers are advised to demand BIR Form No. 2307 and other evidence of final taxes withheld from their payors and document them properly. They should also properly receipt and book their tax-exempt income.

Who is affected

• Individual income tax filers using BIR Form Nos. 1700 and 1701

Deadlines and effectivity

• Optional: calendar year 2014 returns, due on or before April 15, 2015
• Mandatory: filing covering and starting with Calendar Year 2015

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.