Summary
RMC No. 75-2020 extends from July 31, 2020 to August 31, 2020 the no-penalty deadline for business registration and updates of those in digital transactions under RMC No. 60-2020.
Key points
- Extended deadline. Business registration and updates with no penalty may now be done until August 31, 2020, instead of July 31, 2020.
- Voluntary declaration of past transactions. Those who voluntarily declare past transactions subject to the pertinent taxes and pay the taxes due are not penalized for late filing and payment. This applies when the declaration and payment are made on or before the extended date.
- Later findings. Those found later doing business without complying with registration or update requirements, and those who failed to declare past due or unpaid taxes, face the applicable penalties under the law and existing revenue rules.
Who is affected
- Persons in digital transactions covered by RMC No. 60-2020
Deadlines and effectivity
- No-penalty deadline moved from July 31, 2020 to August 31, 2020
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.