Need to know for Percentage Tax Filer in the Philippines
Who are required to Pay Percentage tax ?
- Non VAT Registered Taxpayer
- Income taxpayer whose annual revenue is below 3Million
- Financial Institutions
- Franchisees companies whose revenue is below 10Million like gas/ water utilities, radio/TV broadcasting
When to file ?
- Filed on or before 25th day after taxabale quarter
What Forms to File ?
- BIR Form 2551Q - Quarterly Percentage Tax
- BIR Form 1701Q - Quarterly Income tax if applicable
- BIR Form 0605 - Annual Registration Form
Penalties may incur due to non filing
- Failure to file and pay quarterly percentage tax
- Filing of return in the wrong venue
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