RMC No. 55-2008: Provides the deadline of corporate taxpayers for the filing of 2nd Quarter Income Tax return and clarifies the procedure in the filing of tax returns, among others

Key points

1. Deadline. Corporate taxpayers file the quarterly Income Tax return and pay the tax due for the 2nd Quarter ending June 30, 2008 on or before August 29, 2008.
2. Electronic filers. Taxpayers required to file electronically may not file the quarterly return manually, unless the BIR announces on its website that the system is unavailable. Required attachments to BIR Form 1702Q are submitted through “eSUBMISSION” on the BIR website, not through the e-file facility.
3. Manual filers. Taxpayers not required to file electronically file the new enhanced BIR Form 1702Q manually. The Accredited Agent Bank stamps “Received” with the date, time, branch code, teller’s code and teller’s initial.
4. Batching and float days. Returns and collections for a given date are batched under a Batch Control Sheet showing the date the BIR collecting agent received them. Starting July 1, 2008, the float days of AABs are increased depending on the number of tax returns the AAB processed or serviced.

Who is affected

• Corporate taxpayers filing the 2nd Quarter income tax return
• Taxpayers required to file electronically
• Accredited Agent Banks

Deadlines and effectivity

• 2nd Quarter 2008 return and payment due August 29, 2008
• Increased AAB float days start July 1, 2008