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Will There Be Further Extensions?Share:
After the Philippine Government pushed back the lifting of the ongoing enhanced community quarantine (ECQ) to May 15, 2020 in the entire National Capital Region (NCR) and other high-risk areas, many are asking as to whether tax deadlines will also be further extended.
Just last April 15, 2020, the Bureau of Internal Revenue (BIR) announced the further extension of tax deadlines to May 30, 2020 from the original extension to file returns until April 30, 2020. Despite the tax extensions made, the Department of Finance (DOF) still encourages the public to pay early as a way of support to the government to deal with the crisis being brought by the coronavirus disease (COVID-19) in the country.
Subsequent to the announcement of extension of enhanced community quarantine to April 30, 2020, the BIR issued Revenue Regulation (RR) No. 10-2020 signed on April 14 which amends Section 2 of RR 7-2020 relative to the extension of statutory deadlines and timelines for the filing and submission of any document and payment of taxes pursuant to Section 4 (z) of Republic Act No. 11469, otherwise known as “Bayanihan to Heal As One Act.”
In relation to the recently issued RR 10-2020, filing and payment of annual income tax return is extended until May 30, 2020 for calendar year ending December 31, 2019 while submission of required hard copies of Audited Financial Statements including 2307 are extended until June 15. Quarterly filing and payment of VAT return including necessary documents is also has an extended due date of May 25. Deadline for filing and payment of monthly remittance return of income taxes withheld on compensation for the month of March is adjusted to May 25 from the original due date of April 10. These are just some of the tax deadline which are extended. For the full version of RR 10-2020, you may access it through official BIR website.
As of this moment, it is still a big question as to whether the Commissioner of Internal Revenue (CIR) upon the directory of DOF, will further extend the deadline of taxes. Based on the recent statement made by Revenue Deputy Commissioner for Operations Arnel Guballa, they are still stretching the deadlines corresponding to the re-extension of ECQ and waiting for DOF’s instructions.
For now, all we can do is to wait for further announcements and hope for the betterment of the situation and the country.