June 24, 2024


World Business Inquiries

BIR readies new tax deadlines as Luzon COVID-19 lockdown prolonged

2 min read

The Bureau of Internal Revenue (BIR) is moving forward tax deadlines that it had already extended to match the extension of the Luzon-wide lockdown against the COVID-19 pandemic to April 30.

Internal Revenue Commissioner Caesar R. Dulay told the Inquirer on Tuesday (April 7) that the country’s biggest tax-collection agency will issue an advisory with the new deadlines.

The Bayanihan to Heal as One Act mandated extension of tax deadlines which can be moved in case the quarantine period was also expanded.

Revenue Regulations (RR) No. 7-2020 signed by Dulay and Finance Secretary Carlos G. Dominguez III and published last week reiterated the earlier deadline extensions announced by the BIR in light of the ongoing COVID-19 lockdown.

These were May 15 for filing and payment of 2019 income tax returns, April 30 for VAT refund applications and May 23 for tax amnesty. These extended deadlines are to be extended further, though.

According to RR 7-2020, these deadline extensions may again be extended by Dulay “if the circumstances warrant such an extension or as may be directed” by Dominguez.

“By moving the statutory and regulatory deadlines for tax compliance, we ensure that taxpayers would be able to fulfill their patriotic duty of paying taxes without any risk to their health and safety,” Dominguez said last week.

Dulay had said that the adjusted deadlines applied not only to taxpayers in Luzon but also nationwide.

“Taxation should never hinder humanitarian efforts, especially now that we are in a state of national public emergency while fighting a pervasive and fatal enemy,” Dulay had said.

Dulay also issued Revenue Memorandum Circular (RMC) No. 36-2020 last Monday (April 6) to clarify the documentary stamp tax-exemption of loans qualified for loan relief under the Bayanihan law, specifically which types of borrowings will still be slapped with documentary stamp tax.

Edited by TSB

For more news about the novel coronavirus click here.

What you need to know about Coronavirus.

For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150.

Read Next



Don’t miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

For feedback, complaints, or inquiries, contact us.

Source Article

krimsonandklover.com | Newsphere by AF themes.