Tax notes: New BIR income tax return forms

-A A +A

Monday, February 10, 2014


THE Bureau of Internal Revenue (BIR) has released new BIR forms which should be used for filing the income tax return (ITR) starting taxable year ended Dec. 31, 2013 with the issuance of Revenue Regulations (RR) No. 2-2014.

a) BIR Form No.1700 version June 2013 - Annual income tax return for individuals earning purely compensation income

b) BIR Form No.1701 version June 2013 - Annual income tax return for self-employed individuals, estate and trusts

c) BIR Form No. 1702-RT version June 2013 - Annual income tax return for corporations, partnerships and other non-individual taxpayers subject only to the regular income tax

d) BIR Form No. 1702-EX version June 2013 - Annual income tax return for use only by corporations, partnerships and other non-individual taxpayers EXEMPT under the Tax Code, as amended and other special laws

e) BIR Form No. 1702-MX version June 2013 – Annual income tax return for corporations, partnerships, and other non-individuals with mixed income subject to multiple income tax rates or with income subject to special/preferential tax rate.

Taxpayers who have filed the old BIR Forms for their ITR for year ending December 31, 2013 (manual or electronic) must re-file their tax returns using the new BIR Forms.

Rule on rounding-off ITR figures

The amounts reported in the income tax return should be rounded off to the nearest peso. The requirement for entering centavos in the ITR has been eliminated.

Mandatory use of itemized deductions

The following corporations, partnerships and other non-individuals may not avail of the optional standard deductions and are mandated to use the itemized deductions

a) Those exempt under the Tax Code and other special laws, with no other taxable income.

b) Those with income subject to special/preferential tax rates.

c) Those with income subject to regular income tax rate and to special/preferential tax rates.

(Source: Punongbayan & Araullo)

Published in the Sun.Star Cebu newspaper on February 11, 2014.

Business

DISCLAIMER: Sun.Star website welcomes friendly debate, but comments posted on this site do not necessary reflect the views of the Sun.Star management and its affiliates. Sun.Star reserves the right to delete, reproduce or modify comments posted here without notice. Posts that are inappropriate will automatically be deleted.

Forum rules: Do not use obscenity. Some words have been banned. Stick to the topic. Do not veer away from the discussion. Be coherent and respectful. Do not shout or use CAPITAL LETTERS!
Holy Week 2014

FOREX: US$ 1.00 = PhP 44.517

Bangko Sentral ng Pilipinas

Philippine Lotto Results

Gamesort iconCombinations
6Digit7-2-0-8-1-6
Swertres Lotto 11AM8-9-8
Swertres Lotto 4PM4-5-2
Swertres Lotto 9PM6-0-7
EZ2 Lotto 9PM04-02
public media
Plus and Special
Channel 14

Today's front page

Sun.Star Cebu front page for April 24, 2014

Other front pages

Sun.Star Jobs
  • ePaper
  • Technology
  • tell it to sunstar
  • Sinulog
  • SunStar Celebrity
  • Obituary
  • Sun.Star Zup!
  • Sunstar Multimedia
  • Philippine Polls
  • Festivals
  • Pnoy
  • Pacman blog
  • Calamity Report
  • Habemus Papam
  • goodearth
  • Filipino Abroad