BIR Filing

TIN: 008-693-097-000

Monthly ITR

• BIR Form - 2551M

• Filed every 19th of the month

Quarterly ITR

• BIR Form - 1702

• First - April 15th

• Second - August 15th

• Third - November 15th

Annual ITR

• BIR Form - 1702 RT

• Filed every 15th of the 4th month of the year

BIR Form No. 2551M (Monthly Percentage Tax Return)

• Submit BIR Form No 2551M every 19th of the month

• File ATC PT010 Persons exempt from VAT under Sec 116

• Tax is calculated as 3% of Gross Sales or Receipts

• Electronically pay via https://www.bir.gove.ph/index.php/eservices/epay.html

Download the installer here: http://ftp.pregi.net/bir/ebirforms_package_v6.3.zip

Definition of Terms

• TIN - 008-693-097-0000

• RDO Code 43B

• Date of Incorporation 04.28.2014

• Main Line of Business - Software Development/Other Services

• PSIC Code -7230

“Gross receipts” means all amounts received by the prime or principal contractor, undiminished by any amount paid to any subcontractor under a subcontract arrangement.

For the purpose of the amusement tax, the term “gross receipts” embraces all the receipts of the proprietor, lessee or operator of the amusement place. Said gross receipts also include income from television , radio and motion picture rights, if any.

“Closely Held Corporation” means any corporation at least fifty percent (50%) in value of the outstanding capital stock or at least fifty percent (50%) of the total combined voting power of all classes of stock entitled to vote is owned directly or indirectly by or for not more than twenty (20) individuals.

Sample computation of Percentage Tax Due and Payable

Assuming a person who is registered as a self-employed professional (e.g., lawyer, accountant, doctor, architect, engineer, writer or blogger), has an annual gross receipts of P1,200,000, and is a NonVAT registered taxpayer, receives gross receipts for the month of February amounted to Php 100,000.

In the case above, the person is under taxpayers who are required to file Monthly Percentage Tax Return BIR form 2551M. The computation of his PT due and payable for the month of February is as follows:

Monthly Percentage tax due = gross receipts x 3%

=P100,000 x 3%

=P3,000

Assuming he don’t have any creditable percentage tax withheld Per BIR form 2307, is not filing an amended return, and he is filing on or before the due date, the total amount payable for the month is equal to his percentage tax due for the month.

Percentage tax due

Less: Creditable percentage tax withheld per BIR form 2307

Less: Tax paid in return previously filed (for amended return)

Equals: Total Percentage Tax Payable

Add: Penalties (Interest, surcharge and compromise)

Equals: Total amount payable