By Jun Ramirez
The Bureau of Internal Revenue (BIR) said on Sunday that the deadline for the filing of quarterly income tax returns (ITR) by professionals and self-employed is May 15 of every year, instead of the previous April 15.
The BIR came out with the reminder following widespread confusion caused by a minor change on the schedule of filing ITR by individual taxpayers following the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law.
It stressed that the deadline for the filing of ITR by individuals regardless of the source of earnings is still April 15.
What was altered under the TRAIN was the transfer of the deadline in the submission of quarterly return (BIR Form No. 1701Q) by self-employed and professionals from the original April 15 to May 15 deadline.
Like in previous rules and regulations, the quarterly ITR must be filed 45 days at the end of every quarter which are August 15 and November 15.
This group of taxpayers will have to file the final ITR like any other individuals on April 15 annualizing or adjusting the full year tax payment.