Quarterly Filing of Percentage Tax Return Updated

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  7/10/2018 Quarterly filing of Percentage Tax Returnhttp://www.grantthornton.com.ph/newsroom/technical-alerts/tax-alert/2018/quarterly-filing-of-percentage-tax-return/ 1/4 Skip to contentSkip to navigationP&A Gr ant Thornton uses cookies to monitor the performance of this website and improve user experienceTo find out more about cookies, what they are and how we use them, please see our  privacy notice, which also provides information on how to delete cookies from your hard drive.  AcceptDecline   Global reachSearch Search Toggle Menu InsightsServicesIndustriesMeet our peopleCareersLocationsAlerts and PublicationsEvents News CentrePrivacy PolicyAudit and AssuranceTax Advisory and ComplianceAdvisory ServicesBusiness Process SolutionsJapan Desk Audit and Assurance Home  7/10/2018 Quarterly filing of Percentage Tax Returnhttp://www.grantthornton.com.ph/newsroom/technical-alerts/tax-alert/2018/quarterly-filing-of-percentage-tax-return/ 2/4 Audit approach overviewAnnual and short period auditReview engagementOther Non Assurance ServicesTax Advisory and Compliance HomeTax advisoryTax complianceCorporate servicesTax education and advocacyAdvisory Services HomeBusiness risk servicesBusiness consulting servicesTransaction servicesForensic advisoryHuman capital servicesBusiness Process Solutions HomeAccounting servicesStaff augmentation servicesOffshoringPayroll ProcessingConsumer productsEnergy and natural resourcesFinancial services Not for profitOutsourcingPublic sector Real estate and constructionTechnology, media and communicationsTravel, tourism and leisureGrant Thornton PhilippinesAlerts and PublicationsTechnical AlertsTax Alerts2018  7/10/2018 Quarterly filing of Percentage Tax Returnhttp://www.grantthornton.com.ph/newsroom/technical-alerts/tax-alert/2018/quarterly-filing-of-percentage-tax-return/ 3/4 Quarterly filing of Percentage Tax Return Tax Alert Tax Alerts2018201720162015201420132012 Quarterly filing of Percentage Tax Return This Tax Alert  is issued to inform all concerned on the status of the filing and payment deadline for remittance of percentage tax pursuant to TRAINLaw.Under the TRAIN Law (RA No. 10963), the percentage tax return shall be due quarterly within 25 days from the close of the taxable quarter (TQ).Hence, following the TRAIN Law, filing and payment of percentage tax returns of the following taxpayers should already be on a quarterly basis fromthe previous monthly filing and remittance:1. VAT-exempt taxpayers with annual revenues not exceeding P3M;2. domestic carriers and keepers of garages, international air/shipping carriers;3. franchisees of gas or water utilities, franchisees of radio and/or TV broadcasting with revenues not exceeding P10M;4. banks, non-bank financial intermediaries and finance companies, life insurance companies; and5. agent of foreign insurance companies.We note that the BIR recently posted an advisory requiring VAT-exempt taxpayers with annual revenues not exceeding P3M (Section 116 of the TaxCode) to pay percentage tax on a quarterly basis using BIR Form No. 2551Q. However, the advisory did not mention the other percentage taxpayerssuch as the banks. Also, the advisory has been taken down from the BIR’s website. Thus, pending BIR’s advisory, it shall be conservative to stillfollow the old monthly filing and payment deadlines until the BIR issues the implementing rules and regulations on the quarterly filing and paymentof the percentage tax returns.  7/10/2018 Quarterly filing of Percentage Tax Returnhttp://www.grantthornton.com.ph/newsroom/technical-alerts/tax-alert/2018/quarterly-filing-of-percentage-tax-return/ 4/4 CONNECTMeet Our PeopleContact usOur heritageABOUTAbout usCareers News CentreLEGALPrivacyCookie policyDisclaimer Site map© 2018 Punongbayan & Araullo - All rights reserved. “Grant Thornton” refers to the brand under which the Grant Thornton member firms provideassurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Punongbayan & Araullo(P&A) is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and eachmember firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. HomeHome   Global Reach EN Global Reach
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