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2010 Income Tax Return

The document provides reminders and guidelines for filing 2010 income tax returns in the Philippines, including: 1) Taxpayers must elect either optional standard deductions or itemized deductions when filing their returns. 2) Authorized agent banks will have extended hours until 5PM from April 5-15 to accept tax returns and payments. 3) Returns can be filed with banks outside the taxpayer's jurisdiction from April 5-15 without penalties. 4) A statement of management responsibility must accompany all returns.

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262 views2 pages

2010 Income Tax Return

The document provides reminders and guidelines for filing 2010 income tax returns in the Philippines, including: 1) Taxpayers must elect either optional standard deductions or itemized deductions when filing their returns. 2) Authorized agent banks will have extended hours until 5PM from April 5-15 to accept tax returns and payments. 3) Returns can be filed with banks outside the taxpayer's jurisdiction from April 5-15 without penalties. 4) A statement of management responsibility must accompany all returns.

Uploaded by

Ckey Ar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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2010 Income Tax Return (ITR) filing reminders

 Home
 Press Room
 Tax Alerts
 2010 Income Tax Return (ITR) filing reminders

2010 Income Tax Return (ITR) filing reminders

Taxpayers are reminded of the following guidelines and requirements in preparing and filing of income tax returns this 2010 tax filing season:

1.   Election of OSD or itemized deductions .  For taxable year 2009, taxpayers have the option to claim deductions using the optional standard
deduction (OSD) or itemized deductions.  The option must be signified by checking the appropriate box in their ITR.  Please note, however, that
in Revenue Memorandum Circular No. 16-2010, the BIR required that type of deduction adopted in their first quarter ITR should be the same as 
in their final ITR for taxable year 2009.

Any taxpayer who fails to indicate his choice in his first quarterly ITR shall be considered as having availed of the itemized deductions option for
the taxable year.

2.  Extended banking hours.  All Authorized agent banks (AABs) have been requested to open on March 27 (in lieu of April 3 which is black
Saturday) and April 10, 2010, and to extend their banking hours up to 5:00 pm from April 5 to April 15 to accept tax returns and payments. 
AABs should not refuse accept tax payments of taxpayers who are already within the bank premises at the close of the extended banking hours.

3.   Filing of ITR and financial statements (FS) – AABs are mandated to accept photocopies, electronic/computer-generated BIR forms/returns
in lieu of the officially printed forms provided they are originally filled up and signed by the taxpayer or duly authorized representative. 

ITRs may be filed with an AAB outside the jurisdiction of the RDO where the taxpayer is registered from April 5 up to April 15, 2010.  No
penalty for wrong venue filing shall be imposed for the out-of-district filing of tax return.

Only three copies of the returns will be stamped received by the AAB.  The financial statements to the ITR shall be stamped received only on the
page of the audit certificate, the balance sheet, and the income statement.
Firms registered with PEZA, BOI, and other incentive-giving agencies are now required to file their ITRs and pay their tax due thereon
electronically pursuant to  RR 01-2010 which took effect on February 07, 2010.

4.  Submission of “statement of management responsibility” –  A statement of management responsibility should accompany the ITR to be
filed by the taxpayers. This should be duly signed by the individual taxpayer, president, or managing partner, and  the CEO/CFO or their
equivalent, or any officer performing similar functions.  For the format and content of the statement, please see attached BIR sample statement.   

5.  Two or more checks per tax return.  Two or more checks in payment for a single tax liability are allowed  provided that said checks are
prepared in accordance with the provisions of Revenue Regulations No. 16-02. 
In preparing the check, the taxpayer should indicate in the space provided for "PAY TO THE ORDER OF" the presenting/collecting bank or the
bank where the payment is to be coursed and “FAO Bureau of Internal Revenue” as payee.  The taxpayer identification number (TIN) should be
written under the "ACCOUNT NAME".

Cash and check payments for annual income taxes (BIR Form Nos. 1700, 1701 and 1702) are allowed to be paid during the April income tax
deadline to designated Revenue Collection Officers (RCOs) who are authorized to issue Revenue Official Receipts (RORs) for five working days
prior to (April 10) and until the April 15 income tax filing deadline. 

6.  Submission of  AAB/BIR-stamped FS with the SEC.  Per agreement with the BIR, the SEC shall require submission of only one original
and 2 photocopies of the BIR-stamped audited FS with external auditor’s certification, balance sheet and income statement.  For companies
whose fiscal year ends on December 31, 2009, the BIR-stamped audited FS should be filed in accordance with the following schedule:

Last numerical digit of 


SEC registration/license     Filing Dates

        1, 2, 3                       April 19 - 23
            4, 5                       April 26 - 29
        6, 7, 8                       May 3 – 7
            9, 0                       May 11 - 14
 
7.  Submission of BIR-stamped ITR and audited FS with PEZA/BOI -   PEZA and BOI-registered firms must secure their Certificate of
Incentives (for PEZA) and Certificate of ITH Entitlement (for BOI) that are required to be attached to the Income Tax Return due for filing this
April 15. 

For PEZA-registered enterprises, the BIR-stamped ITR and audited FS should be submitted on or before May 17, 2010 (since May 15 falls on a
Saturday). On the other hand, a notarized ITH application form and copy of the BIR-stamped ITR, AFS, Certificate of ITH Entitlement, and other
required documents in the BOI checklist should be submitted by BOI-registered enterprises on or before May 17, 2010 or within 30 days from the
due date or the actual date of filing of the ITR with the BIR, whichever comes later.

The information above are general guidelines and do not serve as our professional advice.  If you need assistance in the review, preparation and
filing of your income tax returns, you may communicate with your P&A contact.

P&A Tax Alerts are issued to keep our clients updated with the latest tax developments.  These are not intended to be a substitute for
professional advise.  For inquiries and suggestions on how the Tax Alert may be even more useful to you, e-mail Lina.Figueroa@ph.gt.com or
Senen.Quizon@ph.gt.com or call 886-5511.

For other tax concerns, please check out our other tax services. 

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