Filing dates, prescription periods Flashcards
CGT on direct sale of domestic stocks - Transactional return
Within 30 days after each sale or installment
CGT on direct sale of domestic stocks - Annual return
On or before the 15th day of the 4th month after the taxable year
CGT on sale of real property classified as capital asset within the Philippines (paid only by Individuals and Domestic Corporations! RFC and NRFC are taxed at RIT)
Within 30 days from sale/exchange
Period of redemption / right of redemption of individual mortgagor
Within 1 year from registration of sale in Office of Registry of Deeds
ITR for individual professionals / business owners
Annual Form 1701 - May 15 of the succeeding year
Quarterly form 1701Q - May15, Aug15, Nov15
ITR for pure compensation income earners
Form 1700 - May 15 of the succeeding year
NOLCO may be carried over for…
3 years
MCIT is imposed on…
The 4th year
ITR for corporations
1702-RT/EX/MX (Q) - 60 days EOQ
Annual return - 15th day of 4th month following the end of the taxable year
Installment payment of income tax payable is allowed only to individuals and if the tax due is more than P2,000.
The 2nd installment of payment of income tax is due on…
October 15
A return may be modified within ___ years from date such return is filed.
Within 3 years from such date it was filed, provided no notice or investigation has already been served upon the taxpayer.
Retention period
10 yrs from date such return is filed… provided hard copies are retained within first 5 years
For RBE’s availing incentives by the IPA, the deadline for filing the Annual Tax Incentives report is
Within 30 days from the deadline of filing the final adjustment return
Quarterly VAT return
Within twenty five (25) days following the close of the taxable quarter. 2550Q
Monthly VAT return
Not later than the 20th day following the end of each month. 2550M
Period for collection of taxes
5 years following assessment or
10 years from discovery of fraud
Prescription period for criminal actions for the enforcement of penal provisions
Within 5 years of assessment
Explain the substituted filing system
1) Employee signs 2316 Certificate of Compensation Payment and Tax Withheld and returns to the employer
2) Employer submits a duplicate copy to the BIR not later than February 28 of the succeeding year with the accompanying Certified List of Employees Qualified for Substituted Filing of ITR.
3) Stamping of “received” = substituted filing
Payment of the IAET
Within 15 days after the close of the taxable year
Filing of 1603Q
The Quarterly Remittance Return of Final Income Taxes Withheld on Fringe Benefits Paid to M&S employees shall be filed on/before the last day of the month following the close of the calendar quarter during which “withholding” was made.
For eFPS employers: the deadline for e-filing and e-paying is 5 days later than the deadline for manual filing
Period of filing donor’s tax return
Within 30 days after donation
Prescriptive period for assessment
Generally 3 yrs from filing / due date of filing; and 10 yrs if fraudulent return.
Cancellation of VAT Registration shall be effective…
Approval shall be effective on the first day of the month following the month of approval of cancellation.
Deadline for VAT registration
Not later than 10 days before the beginning of the calendar quarter
When should the books of accounts be registered?
Before the deadline of filing the quarterly or annual income tax return.
How any times should the books of accounts and other records be examined?
Only once in a taxable year,
Where should the books of accounts and other records be examined?
In the taxpayer’s office or place of business, OR office of the BIR.
When is inspection of books done more than once?
- In cases of fraud, irregularity, or mistakes
- If the TP requests for reinvestigation
- Verification of compliance with withholding tax laws and regulations
- Verification of capital gains tax liabilities
What is the prescription period for assessment?
-3 yrs after the last day of filing or the day the return is filed, whichever is later
OR
-10 yrs from discovery of fraud or omission
What is the prescription period for collection?
- 5 yrs following assessment
- Within the period agreed upon by taxpayer and CIR before the expiration of the 5-year period
- 10 yrs from discovery of fraud
Prescription period for civil action
Within 5 years of assessment
Prescription period for criminal actions for the enforceent of penal provinsions
Must be filed within 5 years from assessment, and this may be filed during the pendency of an administrative protest.`
What is the prescription period for assessment of local taxes?
Within 5 years from the due date, except in cases of fraud, which is 10 years from discovery.
What is the protest procedure for local tax already paid?
- Within 30 days after payment, file a protest with the Local Treasurer.
- Wait 60 days for the Local Treasurer’s decision
- If denied, or upon the lapse of 60 days, you must file APPEAL to the LBAA within 60 DAYS
- Wait 120 days for the LBAA’s decision
- Upon lapse or denial, you have 30 days to appeal to the CBAA, or file a motion for reconsideration
- Upon the CBAA’s decision, you must file a PETITION FOR REVIEW with the CTA within 30 DAYS.
What is the procedure for protesting an assessment for local taxes?
- Within 60 days upon receiving the assessment, you must file a protest with the Local Treasurer
- Wait 60 days for the Local Treasurer’s decision
- Upon lapse or denial, you must file an appeal with the RTC within 30 days
- If denied, you must file an appeal with the CTA within 15 days
- If your appeal is not approved by the CTA, then you assessment is final and executory.
What are the grounds for injunction?
- Suit is not forbidden
- Ground for injunction is to prevent the collection of wrongful taxes
What is the procedure for claiming a refund of local taxes?
A) Within 2 years, you must appeal to the RTC. If denied, appeal to the CTA within 15 days.
B) File a claim for refund with the Local Treasurer. If they deny the claim, appeal to the RTC. If denied again, appeal to the CTA within 15 days.
Who may levy real property tax?
Only provinces, cities and municipalities within Metro Manila may levy real property tax.
