Wednesday, February 26, 2014

Further Amendment of the Revised Forms No. 1700, 1701, and 1702

The Bureau recently issued the Revenue Memorandum Circular No. 9, 2014 to further amend Revenue Memorandum Circular (RMC) No. 57-2011, entitled "Revised Forms No. 1700, 1701, and 1702 under the first and second paragraphs read as follows:

"This circular further amends BIR Forms No. 1700, 1701, and 1702, previously amended under Revenue Memorandum Circular No. 40-2011. The amendment consists mainly in making disclosure of Supplemental Information under BIR Form Nos. 1700 and 1701 optional on the part of the taxpayer for income tax filing covering and starting with calendar year 2013, due for filing on or before April 15, 2014, and remaining of BIR Form No. 1702 as of a November 2011 version (now, renamed 1702-RT, 1702-EX and 1702-MX, version 2013).

Individual Income tax filers using forms No. 1700 and 1701 are however advised that for income tax filing covering and starting with calendar year 2014, the disclosures required under the Supplemental Information portion of the said forms will be mandatory. Thus, the taxpayers are advised to demand from their payors, and properly document their BIR Form No. 2307 and other pieces of evidence for final taxes withheld. Likewise, said taxpayers should properly receipt and book their tax-exempt income."

Under the RMC, it is stated that in any returns filed with the BIR, indivudual taxpayers are given the option to use either (a) their community tax certificate, (b) passport, or (c) driver's license.

Please refer ftp://ftp.bir.gov.ph/webadmin1/pdf/82594RMC%20No%209-2014.pdf of the full text of RMC No. 9-2014.

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