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MTF Updates – RMC No. 42-2022

Dear Clients and Friends,

On April 12, 2022, the Bureau of Internal Revenue issued Revenue Memorandum Circular (RMC) No. 42-2022 dated April 7, 2022 reiterating that the deadline for filing of annual income tax return (AITR) for calendar year 2021 and payment of taxes thereon is on April 18, 2022. The AITR may be amended until May 16, 2022, without interest, surcharge, and penalties. A taxpayer whose amended returns results in overpayment of taxes can opt to carry over the overpaid tax as credit against the tax due for the same type of tax in the succeeding period or file a claim for refund.

RMC No. 42-2020 further clarifies the manner of filing and payment for taxpayers who are mandated to use the eBIRForms/eFPS under existing issuances.

Thank you,

Mata-Perez, Tamayo & Francisco

April 13, 2022

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