RMC No. 72-2005: Prescribes the transition procedures for all Electronic Filing and Payment System filers (Large Taxpayers/Top 10,000 Corporations) in filing tax returns affected by the new VAT Law (R.A. 9337)

Summary

RMC No. 72-2005 sets the transition procedures for EFPS filers (Large Taxpayers/Top 10,000 Corporations) in filing tax returns affected by the new VAT Law (R.A. 9337).

Key points

1. Enhanced BIR forms. BIR Form Nos. 1600, 1601F, 1702, 1702Q, 2200M, 2200P, 2306, 2307, 2551M, 2550M and 2550Q were enhanced. Manual forms are to be available in all Revenue District Offices and Large Taxpayers Offices by December 2005.
2. Forms available in EFPS. Only the enhanced BIR Form Nos. 1600, 1601F and 2551M are available in EFPS under R.A. 9337.
3. Manual submission. Enhanced forms not yet in EFPS are submitted manually, with the Filing Reference Number Page, to the Revenue District Office or Large Taxpayers Office where the taxpayer is registered. This is done 15 days after e-filing and e-payment, and stops once the forms become available in EFPS.
4. Amending returns in EFPS. Once the enhanced forms are in EFPS, e-filers amend the previously filed returns within 5 days from the BIR Web announcement by encoding the manual return contents. E-payment is not required if the tax due equals the amount already paid, but any unpaid excess must be e-paid.

Who is affected

• EFPS filers (Large Taxpayers/Top 10,000 Corporations)

Deadlines and effectivity

• Manual forms available by December 2005
• Manual submission 15 days after e-filing and e-payment
• Amend returns in EFPS within 5 days from announcement

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