Deadlines for tax amnesty, ITR extended anew – DOF

Robie de Guzman   •   May 5, 2020   •   239

MANILA, Philippines – The Department of Finance (DOF) on Tuesday announced that the deadlines for tax amnesty and the filing of income tax returns (ITR) have been pushed back anew following the extension of enhanced community quarantine period in Metro Manila and other provinces to May 15.

In a statement, the DOF said it has issued Revenue Regulations (RR) No. 11-2020 further extending to June or July the deadlines on the filing of necessary documents or payment of taxes under the Tax Code of 1997, as amended.

The department said that the new regulation further extends the deadlines provided under RR No. 10-2020, which amended RR No. 7-2020 on the extension of deadlines for the filing of various tax returns as provided for by Republic Act (RA) No. 11469 or the Bayanihan to Heal As One Act.

It added that the policy applies nationwide and shall generally apply during the “quarantine” period (whether community quarantine, enhanced community quarantine or ECQ, modified community quarantine or general community quarantine or GCQ).

The extended deadlines include the filing and payment of the following:

  • Annual income tax returns (ITRs) for individuals and corporations – June 14;
  • Submission of required hard copies of audited financial statements and other attachments to the annual ITRs – June 30;
  • Quarterly ITRs for individuals and corporations for the quarter ending March – June 14 and June 29, respectively;
  • Monthly VAT returns for March and April – June 4 and June 19, respectively;
  • Quarterly VAT returns for the quarter ending March – June 9; and
  • Quarterly percentage tax return for the quarter ending March – June 9.

The DOF also said that tax returns and payments for one-time transactions (ONETT) whose deadlines fall within the quarantine period are extended for 30 days from the date of the lifting of the quarantine.

Likewise, the new revenue regulation provides that the deadline for the filing of position papers, protest letters and other correspondences with due dates falling during the quarantine period shall be 30 days from the lifting of the quarantine.

The running of the statute of limitations shall also be suspended during the said period, the department added.

Meanwhile, taxpayers wishing to avail of the Tax Amnesty on Delinquencies under RA 11213 and implemented by RR 4-2019, as amended, can do so until June 22, 2020.

The deadline was previously set to June 8.

The DOF said this extension intends to give taxpayers ample time to settle their tax delinquencies while allowing the Bureau of Internal Revenue (BIR) to increase its collection from the tax amnesty program.

Taxpayers may access RR No. 11-2020 here for a complete list of the extended deadlines.

All other reportorial requirements not specifically mentioned in the RR whose date of submission falls within the quarantine period from March 16, 2020 has an extended deadline of 30 days from the date of the lifting of the quarantine.

In case of any further quarantine extension, the DOF said the extended deadlines shall be further extended for 15 calendar days.

The DOF and the BIR, however, said that taxpayers may still opt to file and pay their taxes before the extended deadline.

The agencies also said that taxpayers who file their tax returns within the original deadline or before the extended deadline may still amend their tax returns at any time on or before the extended due date.

If the amendment results in additional tax payments, such will not be subject to penalties such as surcharge, interest, and compromise penalties.

If the amendment results in an overpayment of taxes paid, the taxpayer may opt to either file for a refund or carry over the overpaid tax as credit against the tax due for the same tax type in the succeeding periods’ tax returns, the DOF added.

Metro Manila to likely transition to GCQ after May 31 —Palace

Aileen Cerrudo   •   May 28, 2020

Metro Manila has a possibility to transition to General Community Quarantine (GCQ) from Modified Enhanced Community Quarantine (MECQ) after May 31, according to the Malacañang.

Presidential Spokesperson Harry Roque said there is a chance that the coronavirus disease (COVID-19) restrictions might ease in Metro Manila and other parts of the country.

The Inter-Agency Task Force on the Management of Emerging Infectious Diseases (IATF-MEID) held a meeting on Wednesday (May 27) to determine if the MECQ should continue after May 31.

“Chances are we will, in fact, be transitioning to GCQ in Metro Manila, according to the chief implementer and the DILG [Department of the Interior and Local Government] Secretary,” Roque said in a statement.

The Metro Manila Council (MMC) is also recommending to the IATF to put the National Capital Region under GCQ.

Once Metro Manila transitioned to GCQ, Roque said public transportation will resume operations but will have limited capacity.

He also appealed to the private and public sectors to finalize their work scheme where 50% will resume in worksites and 50% will work from home.

“We are appealing to both private and public sectors to ensure at least 50-50 workforce,” he said. –AAC (with reports from Rosalie Coz)

ECQ areas might downgrade to GCQ by June —DILG

Aileen Cerrudo   •   May 26, 2020

Areas under Enhanced Community Quarantine (ECQ) might be put under General Community Quarantine by June, according to the Deparment of the Interior and Local Government (DILG).

In a virtual press briefing on Tuesday (May 26), DILG Secretary Eduardo Año said they are looking into implementin lockdowns in specific areas with high coronavirus disease (COVID-19) cases.

“Kahit iyan ay naka-GCQ, pwede pa rin mag-declare ang mga local chief executive ng critical areas. Ito iyong mga lugar na mayroong 20 or plus na cases, (Even if [the area] is under GCQ, local chief executives can still declare critical areas. These are areas with 20 or plus cases)” he said.

There will also be lesser number of checkpoints by June, the DILG secretary added. From checkpoints situated in every boundaries of cities, it will be limited to specific areas.

“Mayroon tayong tinatawag na modified checkpoints para hindi na masyadong magbuhol-buhol ang trapiko, (We have something that we call modified checkpoints to ease the traffic)” Año said. AAC (with reports from Joan Nano)

DOF eyes tailor-fit tax, non-tax incentives to lure investors under ‘new normal’

Robie de Guzman   •   May 25, 2020

MANILA, Philippines – Department of Finance (DOF) Secretary Carlos Dominguez III is proposing a “more proactive” and “targeted” investment promotion strategy to attract the kind of foreign investors that the government wants to relocate here as part of the efforts to restart the country’s economy.

In a statement, Dominguez said these investors may be offered a set of tax and non-tax incentives tailor-fit to their needs.

Dominguez said the government should discard its old “one-size-fits-all” incentives program and shift to a demand-driven approach where it identifies the types of industries that the economy needs to flourish.

He explained that these incentives can be granted based on the specific requirements of the industry players that the government wants to set up shop in the country.

“What we should be doing is identifying these industries and then going to each of the companies–each of the leading companies in those industries around the world—and asking them: what do you need for you to come to the Philippines? Instead of waiting for them to apply, we should be going to them and offering them a package,” Dominguez said during a virtual press briefing held on the sidelines of the recently concluded online “Sulong Pilipinas: Youth Partners for Progress” workshop.

“These industries include those that are labor-intensive and thus create stable, decent-paying jobs; provide excellent technology transfers that improve the skills of the country’s workforce; and have stable markets,” he added.

Dominguez said the “obsolete one-size-fits-all” formula of attracting prospective investors has “failed to make the Philippines an investment magnet, with the country persistently lagging behind its Southeast Asian counterparts in terms of the volume and amount of foreign direct investment (FDI) inflows despite being among the first economies in the region to offer fiscal incentives.”

He said the administration’s economic team and the Congress are now in the process of crafting a comprehensive stimulus program to revive the economy waylaid by the coronavirus disease 29019 (COVID-19) pandemic.

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