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General, Tax Updates, Taxation

New Quarterly Income Tax Returns (1702Q and 1701Q)

Some of us may have already filed our income tax returns in the new format prescribed by the Bureau of Internal Revenue (BIR).  These new tax returns may be downloaded here.  You can also visit in the list of all downloadable free BIR Forms here.

For corporations, partnerships, non-individual taxpayers, self-employed individuals, estates and trusts, they are subject to quarterly filing of quarterly income tax returns.

The corporate quarterly income tax return shall be filed with or without payment within sixty (60) days following the close of each of the first three (3) quarters of the taxable year whether calendar or fiscal year.

For self-employed individuals, estates and trusts following are the deadline of filing:

1st qtr On or before April 15 of the current taxable year
2nd qtr On or before August 15 of the current taxable year
3rd qtr On or before November 15 of the current taxable year

Relative to the issuance of the new annual income tax returns (1700, 1701 and 1702) are there new quarterly income tax returns (1701Q and 1702Q) issued by the BIR?

The BIR has NOT issued any updated or latest form aligned with the new annual income tax returns.  Individuals, estate, trust and entities who are required to file quarterly tax returns should use the old quarterly tax returns as follows (click to download):

There were no changes on how the income tax due and income tax still payable are computed.  For the guidance on how to compute quarterly tax due/payable, refer to out posts which will be updated shortly.  For the mean time, please refer to the provision of the tax code and relevant revenue issuances in the BIR website.

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About leecpa

Orlando Calundan is a Certified Public Accountant currently working at SyCip Gorres Velayo & Co. (a member of Ernst & Young Global) as an Audit Manager (Associate Director). He has exposures in audit of financial statements of entities in various industries such as real estate, food (quick service restaurants), manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements. http://ocalundan.info

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