By Jun Ramirez
The Bureau of Internal Revenue (BIR) said Tuesday individual and business taxpayers who have submitted their 2019 income tax returns (ITRs) are allowed to submit amended returns before the end of the extended deadline without penalty.
The BIR has extended the April 15 deadline by one month to give taxpayers more time to prepare and submit the documents, thus avoiding contracting the Corona Virus-19 pandemic during the last-minute rush.
The new deadline is May 15.
In signing Revenue Memorandum Circular No. 37-2020, BIR Commissioner Caesar Dulay said the additional tax payment arising from the corrections “shall not be subject to corresponding penalties such as surcharge, interest, and compromise penalties.”
Conversely, Dulay said that when an amendment results in overpayment the taxpayer may apply for refund, or apply it as credit for future tax due for the same tax type.
In another directive (RMC-36-2020), the BIR chief has exempted from documentary stamp tax credit extension and restructuring, micro-lending and those obtained from pawnshops during the Enhanced Community Quarantine (ECQ).
Dulay came out with the circular pursuant to an earlier regulations instructing banks and other lending institutions to extend amortization and payment of loans during ECQ period without penalties.