MTF UPDATES- BIR RMC No. 37-2020
Dear Valued Clients and Friends,
We are sending to you a copy of Bureau of Internal Revenue (BIR) Revenue Memorandum Circular (RMC) No. 37-2020 dated April 6, 2020, entitled “Filing of the Tax Returns and Payment of Taxes before the Extended Deadline.”
Taxpayers who file their tax returns within the original deadline or prior to the extended deadline can amend their tax returns at any time on or before the extended due date. An amendment that will result to additional tax to be paid shall be not be subject to corresponding penalties if the same is done not later than the extended deadline.
Taxpayers whose amended returns will result to 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 claim for refund.
Moreover, BIR Form No. 1701, or Annual Income Tax Return for Individuals, Estates and Trusts is not yet available in the Electronic Filing and Payment System (eFPS). In this regard, eFPS filers shall use the offline eBIR Forms Package Version 7.6.