BIR simplifies filing of VAT returns

The Bureau of Internal Revenue (BIR) has simplified the filing of value-added tax (VAT) return to make it easier for the taxpayers.

Instead of monthly submission of the return, VAT-registered taxpayers are now obliged to submit it on a quarterly basis.

Previously, VAT taxpayers filed the income declaration on a monthly basis.

The new schedule is prescribed under Revenue Memorandum Circular No. 5-2023 signed by BIR Commissioner Romeo D. Lumagui, Jr.

The BIR chief said the that for transaction starting January 1,2023 the corresponding quarterly VAT return must be submitted within 25 days following the close of each quarter when the transaction transpired.

Lumagui said the regulation was issued in compliance with the provision of the Tax Reform for Acceleration and Inclusion Law.