File and pay quarterly VAT on April 25, BIR chief says

Commissioner Romeo D. Lumagui Jr. of the Bureau of Internal Revenue issued Revenue Memorandum Circular No. 5 – 2023 mandating that monthly filing of Value-Added Tax (VAT) Return is no longer required.

Now that the deadline is nearing, Lumagui himself reminded taxpayers to file and pay their Quarterly VAT Returns (BIR Form No. 2550Q) on or before April 25, 2023. There will be no extensions to the deadline.

Lumagui also want to remind taxpayers to file and pay their VAT wisely.

“Ang naisabatas na TRAIN Law ang nagmandato na mas pasimplehin ang proseso ng pagpafile at pagbabayad ng VAT returns. Kung kaya’t kami dito sa BIR ay walang nakikitang rason upang ang mga taxpayers ay hindi maka-comply sa nasabing tungkulin sapagkat Enero pa lang ngayong taon ay nagpalabas na kami ng panawagan patungkol dito. Nais lang namin paaalalahanan ang publiko na hindi kami magaatubili na patawan ng karampatang penalties ang mga indibidwal o kumpanya na hindi makakapagsumite ng kanilang VAT Returns sa naitalang deadline. At dahil na rin sa pinaigting namin na kampanya laban sa mga tax evaders, sinisigurado rin namin na hindi namin palalampasin ang sinumang mapapatunayan na mamemeke ng kanilang transaksiyon gamit ang mga pekeng resibo para lamang mapaliit ang kanilang kinita at hindi makapagreport ng kanilang VAT returns,” Lumagui warned.

Any Individual or Corporate Taxpayer with any form of business and who had an actual gross sales or receipts exceeding the Php3 million threshold is required to file and pay their quarterly VAT returns.

“Tayo ay may obligasyon na ibigay ang VAT na ating nakolekta sa BIR. Malaki ang ginagampanan ng VAT sa ating ekonomiya at sa mga pangunahing proyekto ng ating pamahalaan. Kaya muli po namin kayong hinihikayat na magreport at magbayad ng wastong Value-Added Tax on or before April 25, 2023,” Commissioner Lumagui said.

For 2022, the BIR Collection Report revealed that 20%, or an equivalent of P463 billion of the total tax collection of the Bureau, came from VAT taxpayers alone.

“The luxury of filing quarterly VAT returns, instead of monthly, carries with it the obligation of strict compliance. We will monitor all quarterly VAT returns. No extensions. VAT wisely,” Commissioner Lumagui said.