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Manila Bulletin devider Philippines devider National devider BIR reminds taxpayers of April 25 VAT-filing deadline

BIR reminds taxpayers of April 25 VAT-filing deadline

Published Apr 24, 2023 05:03 am
The Bureau of Internal Revenue (BIR) reminded taxpayers that they have until Tuesday, April 25, to file and pay the quarterly value-added tax (VAT). BIR Commissioner Romeo D. Lumagui, Jr. said the deadline will not be extended and appropriate penalties will be imposed both for late filing and non-filing. Individual and corporate taxpayers with any form of business and actual gross sales, or receipts exceeding P3 million are required to file and pay VAT. Last year, VAT taxpayers alone contributed 20 percent, or roughly P463 billion to the total collection of the BIR. "It is important to comply with the obligation to file and pay VAT, as we will monitor compliance closely," Lumagui said. Previously, VAT payment was done monthly, but was made on a quarterly basis to make it more convenient for taxpayers to pay the tax. Lumagui asked taxpayers to submit VAT returns properly and cautioned any attempt to evade taxes through the use of fake receipts and invoices.
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