By Jun Ramirez
The Bureau of Internal Revenue (BIR) said Friday that corporate and other business and professional taxpayers may now start filing their 2018 income tax returns (ITR) as forms for these types of filers are now available at its field offices and at the BIR website.
(MANILA BULLETIN)
Salaried workers, as well as those availing of the itemized deduction schedule, will have to wait for a while as the agency's technical staff is still finalizing the draft of the appropriate ITR forms to include changes prescribed by the Tax Reform for Acceleration and Inclusion (TRAIN) Law like the increase of personal tax exemption to P250,00 for individuals.
A top revenue official made an assurance that said ITR forms will be ready for distribution shortly in time for the April 15 deadline in the filing of ITRs.
Many individuals earning income from self-employment and practice of profession as well as mixed income earners are availing of the itemized deduction scheme, listing all expenses allowed as deductions from gross income to cut down on tax payments.
BIR Form 1701A was released two weeks ago for these type of taxpayers availing of the eight percent income tax rate in lieu of the graduated rate and percentage tax under Section 116 of the Tax Code.
The form is also available online at https://www.bir.gov.ph.
The BIR has completed the printing of corporate ITRs (regular, mixed and exempt) months ago as the old tax rates for corporations were not touched by the TRAIN.