Taxpayers told to file ITRs early

CEBU, Philippines — Taxpayers are reminded this early to prepare ahead of the tax filing season.

VC Cadangen, assistant regional director at the Bureau of Internal Revenue in Cebu (BIR-13), told the tax paying public to file their income tax returns (ITR) early.

He said in a recent interview with The FREEMAN that taxpayers may opt to file online, which is more convenient.

The deadline for ITR filing and payment of tax dues is every April 15 of the year.

The BIR earlier announced that self-employed individuals and professionals will now have fewer pages to fill out when declaring their ITR.

The new ITR form, which is to two pages from the previous 12, can also be filed online.

The issuance is contained in Revenue Memorandum Circular No. 17-2019, which prescribes the new BIR Form No. 1701A  or the Annual Income Tax Return for Individuals Earning Purely from Business/Profession.

Individuals earning P3 million or less per year only need to fill out a two-page form, while a four-page form is required for those earning more than P3 million a year.

Cadangen said taxpayers are encouraged to file early to avoid the usual issues and inconvenience experienced during the last day of filing.

Tax returns filed and taxes paid after the deadline will be slapped with the corresponding penalties as provided for in the Tax Code.

Penalties include 25 percent surcharge, 20 percent interest per annum and compromise penalty, according to schedule of penalties, according to BIR. (FREEMAN)