Due date and venue for filling of ITR. When and where to file :
PEZA enterprises as EFPS taxpayers :
NOTE : Under RR 01-2010 (January 21,2010) all PEZA-registered enterprises are required to file returns and pay taxes through the Electronic Filing and Payment System (EFPS)
Submission of statement of management responsibility (SMR) :
- CEO or its equivalent
- CFO or its equivalent
In case branch office of foreign corporations, local manager in charge of operations.
Rule on filing/stamping of ITRs by AABs/BIR (RMO 06-2010 and RMC 33-2010)
- Only 3 copies of ITR including by AABs or BIR. The 3 ITR s shall be distributed as follows:
Rule in securing certified true copies of ITRs and AFS (Revenue Memorandum Circular No.33-2010)
The certified true copy should be requested by the taxpayer from the BIR office where it is registered. Free- A certification fee should be 100.00 per set of AFS and DST OF 15.00 for each set of AFS certified as true copy. BIR shall stamp the words “Certified True copy” and affix his/her signature on each every page of the photocopied AFS or ITR
Rule in filing of ITR and FS with SEC (RMC No.33-2010, implementing BIR-SEC MOA)
In the filing of ITR and accompanying FS with the SEC, the taxpayer has the following option:
1.One (1) copy of the complete AFS with external Auditor’s certificate, Balance Sheet and Income Statement duly stamped by the BIR or ABBs and two (2) sets of photocopies of said documents; or
2.One (1) certified true copy of the complete AFS, with the BIR certification appearing on each and every page of the AFS and two (2) sets of photocopies of said documents
2011 schedule of filing of annual financial statements (SEC Memorandum circular No.6)
A. For Corporations whose fiscal year ends on Dec.31,2010
Filing period Last numerical digit of SEC registration/license number
April 14-15 and 18-20 “1” and “2”
April 25-29 “3” and “4”
May 3-6 “5” and “6”
May 9-13 “7” and “8”
May 16-20 “9” and “0”
B. For Corporations whose fiscal year ends on Dec. 31,2010 which are not required to file their FS at SEC head office, they should file with their original filing schedule , as follows :
- 105 days after the close of taxable year-companies whose securities are registered under RSA or SRC
- 120 days after the close of taxable year –Companies whose securities are not registered under RSA or SRC
- Advance filing. Prior to April 18,2011, filing of FS regardless of last numerical digit of their registration or license number is allowed.
- Late filings. Late filings shall only be accepted starting May 23,2011, and shall be subject to applicable penalties.
Disposition of Excess Creditable Withholding Taxes :
* Excess CWT- Disposition
* Carry forward to succeeding years
* Excess CWT- Refund/TCC vs. Carry-over
“Sec.76. Final Adjustment Return-….. Once the option to carry-over and apply the excess quarterly income tax against income tax due for the taxable quarters of the succeeding taxable years has been made, such option shall be considered irrevocable for cash refund or issuance of a tax credit certificate shall be allowed therefore.”
Refund upon dissolution- within the two-year prescription period reckoned from the date of payment of the tax.
(Financial Marketing Services Corporation v. CIR, CTA Case No. 6443, September 7,2005)
• Refund allowed even if taxpayer earlier checked the boxes “To be carried over…”
Supreme court decision on excess income tax payments-Options:
• The option need not be indicated in the ITR. Failure to indicate the option does not bar the taxpayer from making its choice. The option can be determined from the subsequent action of the taxpayer.
• Once indicated, the choice becomes irrevocable (Philam Asset Management Inc. v. CIR, GR No. 156637, December 14,2005)
Applying for refund/ TCC:
• Claim should be filed within the 2-year period prescribed under Sec 230 of the Tax Code
• Corporate income tax payments for the first three quarters of the taxable year should be deemed to have been paid at the time the final adjusted return is due & payable (15th of the 4th month following the close of the fiscal year). Quarterly payments are only advanced payments.
(CIR v. Philamlife Insurance Co., G.R. No. 105208, May 29,1995; CIR v. TMX Sales, Inc. GR 83736, Jan 15.1992)
Substantiation requirement in applying for refund/ TCC:
Every component of the “Total Tax Credits/ Payments” reflected in the final adjustment return including the taxpayers excess tax credits from the prior year must be proven or substantiated. Failure to substantiate is a failure to meet the burden of proof required to established the factual basis of the claim for refund
(Nissan Motor Philippines, Inc. v. CIR EB No. 139 on CTA Case No. 6622, October 6,2006)