Based on the existing tax rules and regulations, a taxpayer is required to submit a copy of electronically filed ITR with Filing Reference Number (FRN) thru eFPS facility or a copy of electronically filed annual income tax return (AITR) through eBIRForms facility with Tax Return Receipt Confirmation, together with the required attachments within fifteen (15) days from the deadline of filing or date of electronic filing of the return whichever comes later.
The following are the attachments required:
- Electronically Filed Annual Income Tax Return
- Filing Reference Number/Email Notification
- Proof of Payment/Acknowledgement Receipt of Payment
- Audited Financial Statements (FS) which is compose of the ff:
- • Certificate of Independent Certified Public Accountant (CPA) duly accredited by the Bureau of Internal Revenue (BIR). The CPA certificate is required if the gross annual sales, earnings, receipts or output exceed Three Million (3M);
- The following schedules prescribed under existing revenue issuances which must form part of the Notes to the audited FS:
- i. Taxes and licenses
- ii. Other information prescribed to be disclosed in the notes to FS [such as but not limited to the following: Company is not a covered person required to file BIR Form 1709, five-year expiration of net operating loss carry-over (NOLCO)];
- Statement of Management’s Responsibility (SMR) for Annual Income Tax Return;
- Certificate of Creditable Tax Withheld at Source (BIR Form No. 2307) or commonly known as CWT Certificates;
- Certificate of Income Payments not subjected to Withholding Tax (BIR Form No. 2304), if applicable;
- Duly approved Tax Debit Memo, if applicable;
- Proof of Foreign Tax Credits, if applicable;
- Proof of prior year’s excess credits, if applicable;
- For amended return, proof of tax payment and the return previously filed;
- Report of electronically submitted Summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax at Source (SAWT) through esubmission@bir.gov.ph, if applicable;
- Proof of other tax payments/credit, if applicable;
- BIR Form 1709 or commonly known as Related Party Form (RPT Form), if applicable.
Based on the foregoing, since the Company filed the annual ITR last April 15 (date of filing), accordingly, the attachments shall be submitted to the BIR on April 30 (after 15 days of actual filing or from April 15, whichever is later).
If the Company’s balances have not been finalized, the Company may file Tentative FS, in lieu of the audited FS, compose of the following:
- Statements of Comprehensive Income with the word “TENTATIVE”
- Statements of Financial Position with the word “TENTATIVE”
- Cover letter from the External Auditor that the FS is tentative
Please note that once the balances are finalized, the Company needs to file an amended annual ITR. As provided in Revenue Memorandum Circular (RMC) No. 46-2021, annual ITR filed on or before the set deadline may be amended not later than May 15, 2021. If the amended return will result to additional payment, no penalties shall be imposed. On the other hand, if overpayment of taxes resulted therefrom, taxpayer may opt to carry over such overpayment as credit against the tax due for the same tax type in the succeeding period or may be refunded. The attachments to the electronically filed amended annual ITR made on or before May 15, 2021 shall likewise be submitted within 15 days from the date of filing of amended returns or not later than 15 days from May 15, 2021.
Disclaimer: This article is for discussion purposes only as summarized by the author and is not a substitute for an expert opinion. Please consult your preferred tax and/or legal consultant for specific details applicable to your circumstances.