The Bureau of Internal Revenue (BIR) has reminded taxpayers they have until today, April 25, to file and pay their quarterly value-added tax (VAT) returns as there will be no extensions of the deadline.
Any individual or corporate taxpayer with any form of business and who had an actual gross sales or receipts exceeding the P3 million threshold is required to file and pay their quarterly VAT returns.
For 2022, the BIR collection report revealed that 20 percent or with an equivalent amount of P463 billion of the total tax collection of the bureau came from VAT taxpayers alone.
Lumagui said the passage of the Tax Reform for Acceleration and Inclusion or TRAIN Law has made the process of filing and payment of VAT returns even more simple.
“That’s why we don’t see any reason why taxpayers won’t be able to comply with the said obligation, especially since we already released a reminder as early as January,” Lumagui said in Filipino.
“The luxury of filing quarterly VAT returns, instead of monthly, carries with it the obligation of strict compliance. We will monitor all quarterly VAT returns. No extensions,” he added.
Lumagui said the BIR will not hesitate to slap the corresponding penalties on individuals or companies that will not be able to submit their VAT returns within the stated deadline.
