THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular 69-2009 reminding the following taxpayers to strictly comply with the requirement to enroll and file their tax returns and pay the tax due thereon through the Electronic Filing and Payment System (eFPS):

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1. Large taxpayers pursuant to Revenue Regulations (RR) 2-2002;

2. All government bidders;

3. Corporations with paid-up capital stock of P10 million;

4. Corporations with complete computerized system;

5. Top 20,000 private corporations; and

6. Top 5,000 individual taxpayers pursuant to RR 6-2009.

The requirement of mandatory eFPS enrollment for corporations with paid-up capital stock of P10 million was issued last July 18, 2007 pursuant to RR 10-2007.

A company would not need the BIR’s notification to determine if its paid-up capital stock has reached the P10 million eFPS benchmark.

Hence, companies that meet the criterion may already enroll even without being notified by the BIR. This also applies to government bidders for whom the eFPS requirement was effected as early as the year 2005.

The requirement to enroll for the abovementioned taxpayers is mandatory. In case of failure to file and pay their taxes through the eFPS, the BIR may collect a 25 percent surcharge for wrong venue as provided under Section 248 (a)(2) of the 1997 Tax Code, as amended. (Source: Punongbayan & Araullo)