THE Bureau of Internal Revenue (BIR) will allow taxpayers to file and pay their value-added tax (VAT) returns on a monthly basis.
“Taxpayers have the option to file and pay their VAT on a monthly basis with no penalty. I want to create a conducive avenue for our compliant VAT taxpayers, and of course reduce their financial burden,” BIR Commissioner Romeo B. Lumagui, Jr. said in a statement on Tuesday.
This year, taxpayers were required to file their VAT returns quarterly rather than the previous arrangement of monthly filing.
“However, there are numerous requests coming from taxpayers that they be allowed to file their VAT returns and pay the corresponding tax due on a monthly basis,” the BIR said.
The agency issued Revenue Memorandum Circular No. 52-2023 allowing the option to file and pay monthly.
“There will be no penalty imposed when a VAT-registered person opts to switch from monthly filing of VAT returns to quarterly filing, or vice versa,” it added.
In the first four months, the BIR collected P837.92 billion, surpassing its target by 1.3%.
This year, the agency hopes to collect P2.6 trillion. Of this, around P507 billion will be generated from VAT. — Luisa Maria Jacinta C. Jocson