As tax filing season draws near, the Bureau of Internal Revenue (BIR) has released Revenue Memorandum Circular (RMC) 22, 23, and 25-2024 to facilitate taxpayers’ ease of compliance.
Availability of a new version of BIR Forms 1702-EX and 1701A
As applicable, all eFPS filers are mandated to use the latest version of BIR Form 1702-EX for corporations, partnerships, and other non-individual taxpayers exempt under the Tax Code and other special laws, and BIR Form 1701A for individuals earning purely from business/profession, whether under the graduated income tax rate or the eight percent flat income tax rate.
The deadline for filing BIR Form 1702-EX and BIR Form 1701A is on the 15th day of the fourth month following the close of the taxpayer’s taxable year (e.g., April 15, 2024, for taxpayers with a calendar year ending Dec. 31, 2023).
The BIR has yet to release an announcement for the new version of BIR Forms 1702-RT and 1702-MX.
Extension of deadline for submitting alphabetical list (alphalist) of employees
With the release of the latest version of Alphalist Data Entry and Validation Module Version 7.2, the deadline for submission of the alphalist of employees has been extended until March 17, which is 30 days from the date of posting the BIR advisory on its website. However, since March 17 falls on a Sunday, the deadline for the submission will be on Monday, March 18. Prior to this announcement, the BIR first extended the deadline until Feb. 28, through RMC 16-2024.
Changes highlighted in the latest version of the alphalist are the inclusion of the five percent tax credit incentive under the Personal Equity and Retirement Account (Pera) Act of 2008 and the revised income tax rates effective Jan. 1, 2023, under Republic Act 10963, or the Tax Reform for Acceleration and Inclusion (Train) Law.
Taxpayers who have submitted using the previous version of the alphalist module shall resubmit the same using the updated version. On the other hand, taxpayers using their own extract program for the alphalist shall strictly observe the revised file structures and standard naming convention as provided in the annexes of RMC 25-2024.
Please be guided accordingly.
Source:
P&A Grant Thornton
Certified Public Accountants