Will There Be Further Extensions?May 6, 2020
Getting Started As P.E.Z.A Registered EnterpriseMay 7, 2020
Due to the prolonged enhanced community quarantine (ECQ) on selected region and provinces in the country as a way of limiting the spread of COVID-19, coming back to normal work is still not feasible.
In this regard, the Bureau of Internal Revenue (BIR) upon the directive of Department of Finance (DOF), further extends tax deadlines after multiple extensions made.
The BIR issued RR 11-2020 last April 30 which amends Section 2 of RR No. 10-2020 relative to the extension of statutory deadlines and timelines for the filing and submission of any document and the payment of taxes pursuant to Section 4 (z) of RA No. 11469 (Bayanihan to Heal As One Act).
In spite the further extensions made, the bureau acknowledges that some taxpayers wish to file and pay taxes early but are not capable of finishing their returns. Taxpayers who will ﬁle their tax returns within the original deadline or prior to the extended deadline can amend their tax returns at any time on or before the extended due date. In the case that amendment is needed and will result in additional tax to be paid, penalties will not be imposed so long as the same shall be done not later than the extended deadline as provided under existing rules and regulations. When the taxpayer however, upon taking to account every transaction resulted to an overpayment of taxes, can use to carry over the overpaid tax against the tax due for the same tax type in the succeeding periods.
For updated statutory deadlines for the submission and/or filing of the following documents and/or returns, as well as the payment of the following taxes, click this link :