No more extensions on filing, payment of taxes — BIR

The Bureau of Internal Revenue (BIR) released yesterday new regulations providing that there will be no more extension of the deadlines in the filing and payment of all tax types including income.

“Penalties (surcharge, interest and compromise penalties) will be imposed against taxpayers who filed returns and paid taxes after the due date,” according to Revenue Regulations (RR) No. 12-2020.

It was signed by Finance Secretary Carlos Dominguez III based on the recommendation of BIR Commissioner Caesar Dulay.

The regulations amended certain provisions of the 15-page RR 11-2020 which listed the schedule of filing and payment of various taxes.

The deadline for the filing of 2019 income tax return is June 15.

The various deadlines had been extended twice to correspond to the stretching of the corona virus quarantine.

According to revenue officials, the government can no longer afford another extension of the deadlines as it urgently needs more cash to support programs aimed to fight the corona virus infection.

Income tax constitutes about half of the BIR’s annual take, or 11.1 trillion of the 12.2 trillion readjusted collection goal for the year.

The regulations also stated that since most of the deadlines imposed on the previous RR fall on a nonworking day the returns and payment of taxes shall be done on the next working day like income tax which due date has been moved from June 14 (Sunday) to June 15.