RSM International

Alas OplasAudit Tax Consulting

Volume 4, Series 30

TAX DIGEST

In this Issue:

SPECIAL ISSUE

BIR Mandates New Forms for Income Tax Filing

The BIR modified the income tax forms for those taxpayers filing income tax returns starting with calendar year 2011 and are due for filing on or before April 15, 2012.

The amendment mainly consists of the required disclosure on the Supplemental Information. Gross income/receipts which are subject to final withholding tax or exempt from income tax should now be disclosed in the tax returns. Further, those availing tax reliefs are required to fill up the details of such income tax exemption and incentives.

The BIR modified the income tax forms for taxpayers filing income tax returns starting with calendar year 2011 which are due for filing on or before April 15, 2012. The amendment mainly consists of the required disclosure on the Supplemental Information.

The following are the revised forms:

Juridical entities following fiscal year of reporting are also required to use the new BIR Forms starting fiscal year ending January 31, 2012.

As with the process of filing with the BIR, taxpayers can download these new forms from the BIR website and follow the same process of filing of income tax returns.

(Revenue Regulations No. 19-2011, December 9, 2011)

NEW INCOME TAX FORMS

BIR Mandates New Forms for Income Tax Filing

BIR Form 1700 version November 2011 (Annual Income Tax Return for Individuals Earning Purely Compensation Income) Link: ftp://ftp.bir.gov.ph/webadmin1/pdf/615201700%20nov%202011%20BCB.pdf;

BIR Form 1701 version November 2011 (Annual Income Tax Return for Self-Employed Individuals, Estates and Trusts)Link: ftp://ftp.bir.gov.ph/webadmin1/pdf/615201701%20nov%202011%20BCB.pdf; and

BIR Form 1702 version November 2011 (Annual Income Tax Return for Corporation, Partnership and Other Non-Individual Taxpayer)Link: ftp://ftp.bir.gov.ph/webadmin1/pdf/615201701%20nov%202011%20BCB.pdf.

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Sample BIR Form 1702 version November 2011:

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Tax Digest by: Marissa C. YambaoThe author is a tax lawyer at Alas, Oplas & Co. CPAs.

For clarification, tax queries or if you need our assistance in securing BIR ruling, you may call us at telephone number (632)759-5090 or email us at aocheadoffice@rsmalasoplascpas.com or visit us at our website: www.rsm-alasoplascpas.com

This publication should not be used or treated as professional advice. The information in this publication should not be relied upon to replace professional advice on specific matters and its contents must not be used as a basis for formulating decisions under any circumstances. Readers of this material are advised to seek professional advice before making any business decision or you may call and ask for the full text.

TAX ADVISORY & COMPLIANCE SERVICES

Compliance with tax laws and authorities is an integral part of operating harmoniously with the external business environment. Our tax advisers offer a wide range of tax advisory and compliance services.

Alas Oplas offers:

• Tax Due Diligence and Tax Compliance Review

• Tax Return Preparation and Filing

• Tax Audit Advisory and Tax Assessment

• Tax Opinion and Studies

• Request for Tax Rulings

• Tax Seminars and Trainings

• Tax Planning

• Application for Tax Refund/ Credit

• Other Tax Services