RMC No. 57-2011: Further amends BIR Form Nos. 1700, 1701 and 1702

Summary

RMC No. 57-2011 further amends BIR Form Nos. 1700, 1701 and 1702, which were previously amended under RMC No. 40-2011.

Key points

1. Supplemental Information optional for 2011. Disclosure of Supplemental Information in BIR Form Nos. 1700 and 1701 becomes optional for income tax filing covering and starting with calendar year 2011, due on or before April 15, 2012.
2. Form 1702 version. BIR Form No. 1702 is renamed as a November 2011 version.
3. Mandatory from calendar year 2012. For individual filers using Form Nos. 1700 and 1701, the Supplemental Information disclosures become mandatory for filing covering and starting with calendar year 2012. These taxpayers are advised to obtain and document their BIR Form No. 2307 and other evidence of final taxes withheld, and to receipt and book tax-exempt income.

Who is affected

• Individual income tax filers using BIR Form Nos. 1700 and 1701
• Corporate filers using BIR Form No. 1702

Deadlines and effectivity

• Optional disclosure: calendar year 2011, due on or before April 15, 2012
• Mandatory disclosure: starting calendar year 2012

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