The Bureau of Internal Revenue (BIR) said value-added taxpayers are no longer required to file the return on a monthly basis starting this month.
The new schedule was contained in Revenue Memorandum Circular (RMC) No. 5-2023 which implemented Section 37 of Tax Reform for Acceleration and Inclusion (TRAIN) Law.
Instead, BIR Commissioner Romeo Lumagui Jr., who signed the circular, said this type of taxpayers will be filing the VAT returns every three months using the Quarterly VAT Return within 25 days following the close of each taxable year when the transaction transpired.
"We expect VAT registered taxpayers to be fully compliant and pay correct taxes with the simplified procedure in the filing of returns," Lumagui said.
He advised taxpayers that are under fiscal period of accounting to follow strictly the provisions contained in the circular to avoid confusion.