BIR | Revenue Regulation 12-2020 

Community quarantine

Tax

COVID-19

No further extension of deadline to file returns and pay taxes

BIR will no longer grant any further extension of the deadline to file returns and pay taxes regardless of any extension / modification of the community quarantine

Client Alert - 30 May 2020

Dear valued client,

The Bureau of Internal Revenue ("BIR") has issued Revenue Regulation No. 12-2020 (“RR 12-2020”) declaring there will be no further extension of the deadline to file returns and pay taxes as indicated in Revenue Regulation No. 11-2020 (“RR 11-2020”). See our previous client alert on RR 11-2020 here.

RR 12-2020 states that the extended due dates indicated in RR 11-2020 will remain effective regardless of any extension or modification of the community quarantine. 

RR 12-2020 reminds tax payers of the following:

  • To file their returns and pay taxes on or before the deadline.
  • If they file their tax returns within the original deadline or prior to the extended deadline, they can amend their tax returns at any time on or before the extended due date.
  • An amendment resulting in additional tax to be paid by the taxpayer can still be paid by the latter without the imposition of corresponding penalties, surcharges, interests, and compromise penalties if the same shall be done not later than the extended deadlines.
  • A taxpayer whose amended returns result in overpayment of taxes paid can opt to carry over the overpaid tax as credit against the tax due for the same tax type in the succeeding periods' tax returns, aside from filing for a claim of refund.

How this affects you

Your business should be ready to file its returns and pay taxes within the deadline indicated in RR 11-2020 because the BIR will no longer extend the deadlines therein.

If you have any questions regarding RR 12-2020 or your business' tax compliance, just send us a message on our Facebook page and we’ll arrange for our Partner Lawyers specializing in tax law to assist you.

Please also like our Facebook page to stay updated on the latest legal developments relevant to you and your business.

Regards,

The Legal Tree team
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