LEGAZPI CITY, April 11 (PIA) – The Bureau of Internal Revenue (BIR) recently launched new form for income tax returns (ITRs) that will be used by taxpayers when they file their tax returns on April 15 deadline this year.
BIR Bicol regional director Esmeralda Tabule siad the new form features bar codes and can be detected by an optical character reader (OCR) for ease in scanning, adding that, the new form facilitates systematic retrieval of information.
Tabule explained that with the utilization of revised forms using new technology, changes in information required from said forms will be reflected.
RDO No. 67 recently conducted seminar with briefing to introduce the new ITR forms and other updates for government and private firms in this city. The said forms are available at RDO No. 67 and can be downloaded from the BIR website.
“We want to enhance services to taxpayers that is why we need additional information on the ITR form,” Tabule said.
The BIR issued Revenue Regulations No. 2-2014 on January 24 to prescribe the new BIR forms that will be used for ITR filing covering and starting the taxable year ended December 31, 2013. BIR introduced additional forms by increasing ITR forms from the original three to now five forms.
Under the directive, all taxpayers are required to file their ITR using the applicable forms such as BIR Form No. 1700 version annual ITR for individuals earning purely compensation income; BIR Form No. 1701 annual ITR for self-employed individuals, estates and trusts; BIR Form No. 1702-RT annual ITR for corporations, partnerships and other non-individual taxpayers subject only to the regular income tax rate; BIR Form No. 1702-EX annual ITR for use only by corporations, partnerships, and other non-individual taxpayers exempted under the Tax Code and other special laws with no other taxable income; and BIR Form No. 1702-MX annual ITR for corporations, partnerships and other non-individuals with mixed income subject to multiple income tax rates or with income subject to special or preferential rate.
Previously, these three-type of businesses and partnerships were only using the same ITR Form No. 1702.
Further, the requirement for entering centavos in the ITR has been eliminated by rounding them off to the nearest peso, BIR told the PIA.
Taxpayers who filed using old forms for their 2013 ITRs either manual or electronic must re-file using the new income tax forms upon their availability, BIR said. (MAL/JJP-PIA5)
- See more at: http://news.pia.gov.ph/index.php?article=2591397197832#sthash.T7oE9Mb3.dpuf
BIR Bicol regional director Esmeralda Tabule siad the new form features bar codes and can be detected by an optical character reader (OCR) for ease in scanning, adding that, the new form facilitates systematic retrieval of information.
Tabule explained that with the utilization of revised forms using new technology, changes in information required from said forms will be reflected.
RDO No. 67 recently conducted seminar with briefing to introduce the new ITR forms and other updates for government and private firms in this city. The said forms are available at RDO No. 67 and can be downloaded from the BIR website.
“We want to enhance services to taxpayers that is why we need additional information on the ITR form,” Tabule said.
The BIR issued Revenue Regulations No. 2-2014 on January 24 to prescribe the new BIR forms that will be used for ITR filing covering and starting the taxable year ended December 31, 2013. BIR introduced additional forms by increasing ITR forms from the original three to now five forms.
Under the directive, all taxpayers are required to file their ITR using the applicable forms such as BIR Form No. 1700 version annual ITR for individuals earning purely compensation income; BIR Form No. 1701 annual ITR for self-employed individuals, estates and trusts; BIR Form No. 1702-RT annual ITR for corporations, partnerships and other non-individual taxpayers subject only to the regular income tax rate; BIR Form No. 1702-EX annual ITR for use only by corporations, partnerships, and other non-individual taxpayers exempted under the Tax Code and other special laws with no other taxable income; and BIR Form No. 1702-MX annual ITR for corporations, partnerships and other non-individuals with mixed income subject to multiple income tax rates or with income subject to special or preferential rate.
Previously, these three-type of businesses and partnerships were only using the same ITR Form No. 1702.
Further, the requirement for entering centavos in the ITR has been eliminated by rounding them off to the nearest peso, BIR told the PIA.
Taxpayers who filed using old forms for their 2013 ITRs either manual or electronic must re-file using the new income tax forms upon their availability, BIR said. (MAL/JJP-PIA5)
- See more at: http://news.pia.gov.ph/index.php?article=2591397197832#sthash.T7oE9Mb3.dpuf
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