The Bureau of Internal Revenue (BIR) issued Revenue Regulations 2-2014 on February 4, 2014. These revenue regulations are issued to prescribe the new BIR forms with bar codes, and to reflect the changes in information required from said forms. This will also enable the said forms to be read by an optical character reader (OCR) for ease in scanning. These will be used for income tax returns (ITRs) filing covering and starting the taxable year ended December 31, 2013.
New BIR Forms
Following are the new BIR Forms:
1. BIR Form 1700 version June 2013 (Annual Income Tax Return for Individuals Earning Purely Compensation Income)
2. BIR Form 1701 version June 2013 (Annual Income Tax Return for Self-Employed Individuals, Estates and Trusts)
3. BIR Form 1702-RT version June 2013 (annual income tax returns for corporations, partnerships and other non-individual taxpayers SUBJECT ONLY to the REGULAR income tax rate)
4. BIR Form 1702-EX version June 2013 (annual income tax returns for USE ONLY by corporations, partnerships and other non-individual taxpayers EXEMPT under the tax code, as amended, (Sec 30 and those exempted in Sec 27(C) and other Special Laws, with NO other taxable income)
5. BIR Form 1702-MX version June 2013 (annual income tax return for corporations, partnerships and other non-individuals with Mixed Income subject to multiple income tax rates or with income subject to special/preferential rate)
While the BIR forms were just revised in 2011, the BIR has again revised these reflecting the changes stated above.
- Rounding of to nearest Peso – The requirement for entering centavos in the ITR has been eliminated.
- Mandatory ltemized Deductions –
- Transitory Provision – Taxpayers who filed using old forms for their 2013 iTRs (manual and/or electronic) must re-file using the new income tax forms upon their availability
You can download these updated forms using the links below:
- BIR Form 1700 version June 2013
- BIR Form 1701 version June 2013
- BIR Form 1702-RT version June 2013
- BIR Form 1702-EX version June 2013
- BIR Form 1702-MX version June 2013
- Revenue Regulations No. 2-2014
If the above links are not available, download from the Bureau of Internal Revenue website as follows:
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