The Complete List of All the BIR Forms You Need to Know for Q1 & Q2 2023

It’s that time of year again where we start thinking about our annual income tax return. As a taxpayer in the Philippines, it’s important to know the different forms you may need to file to and to make sure you file your returns accurately and on time. Let’s go through these different forms. 

Business Renewal

BIR Form 0605 (RF) opens the calendar year for business renewal. This form covers the renewal period for January to December of the current year. As this specific form is required to start the year right, you should file this form before January 31. 

Here are the BIR Forms You Need to Know

Annual Income Tax Forms

Let’s start with the most popular type of tax, which is your Annual Income Taxes. One of the most commonly used forms to declare annual income taxes is BIR Form 1701, which is the annual income tax return for individual taxpayers including single proprietorships / self-employed individuals and professionals (if you did not opt for the 8% flat income tax rate) and self employed individuals who are mixed income earners (who have day jobs and have business or practicing a profession on the side). This form must be filed by April 15th of the following year.

If you are a self-employed individual earning below 3 Million Gross Revenue in a year and opted for the 8% flat income tax rate, you should use BIR Form 1701A instead.

Corporations and partnerships, including One Person Corporations, whether they are VAT or Non-VAT entities, are required to file BIR Form 1702RT, which is the annual income tax return. The deadline for filing this form is also on April 15th of the following year.

And if you are earning purely from compensation BUT you had more than one employer last year, you are required to file annual income tax returns by yourself. What you will need to use is BIR form 1700.

Quarterly Income Tax Forms

For self-employed individuals, professionals, and mixed income individuals, there’s BIR Form 1701Q (one of the BIR Forms You Need to Know), which is the quarterly income tax return. In the Philippines, income taxes are paid on a quarterly basis. The deadline for filing this form is the 15th of the second month after the close of the quarter (ex. For Q1 which ends on March 31, the deadline of filing is on May 15). On the other hand, corporations, partnerships, and other non-individual taxpayers are required to file BIR Form 1702Q, which is also a quarterly income tax return. These forms share the same deadline, too.

Sales Taxes

In the Philippines, businesses and professionals are classified to be either VAT or Non-VAT. Entities who are Non-Vat earn a gross revenue of less than 3 Million Pesos a year. VAT entities are those that earn 3 Million or more gross sales in a year. 

For non-vat entities, you need to declare your gross revenue every quarter and pay Percentage Taxes for those using BIR Form 2550Q.  The deadline for filing this form is the 25th day of the month following the close of each taxable quarter. Meanwhile, VAT-registered individuals and corporations are required to do the same and file their Quarterly Value-Added Tax form or BIR Form 2551Q. The deadline is also on the 25th day of the month following the close of each taxable quarter. 

Withheld Tax

Employers and withholding agents also have their own set of forms to file. 

BIR Form 1601C is used for the monthly remittance of creditable income taxes withheld on compensation. 

BIR Form 0619E (called monthly remittance forms for expanded withholding taxes) and BIR Form 1601EQ (called quarterly remittance forms for expanded withholding taxes) are used for the quarterly remittance of final taxes withheld on income payments other than compensation. Monthly forms must be filed by the withholding agent on or before the 10th day of the month following the close of each taxable quarter, while the quarterly forms must be filed before the last day of the month after the taxable quarter. There is also an annual form for declaring expanded withholding taxes, which is BIR Form 1604E, which should be filed on or before March 1.

For the deadlines, here is guide that I usually refer to: https://intercom.help/taxumo-inc/en/articles/1814961-all-about-deadlines

In conclusion, it’s important to familiarize yourself with all of the BIR Forms you need to know and make sure you file your returns accurately and on time. If you need assistance in preparing your tax returns, you can seek help from a tax professional or use a tax preparation software. Don’t wait until the last minute and be sure to stay ahead of the game by keeping track of important deadlines and requirements.

As for tax preparation softwares, Taxumo is something that you should check out. Taxumo allows you to file and pay your taxes in 3 minutes or less, all within the convenience of your home. There’s no need to line up in the bank and spend money on transportation.