News

AITR Filing Extension until 15 May 2020 Due to COVID-19

2020-03-19 17:46:43 |

The Revenue Memorandum Circular No. 28-2020 was released by the Philippine Bureau of Internal Revenue (BIR) on 28 March 2020 imposing to extend the filing of the 2019 Annual Income Tax Return (AITR) from 15 April 2020 to 15 May 2020.

 

BIR implemented the said circular due to the coronavirus disease which is commonly known as the COVID-19 outbreak happening worldwide. The pandemic disease has caused the national government to implement a community quarantine affecting the work arrangements for many employees.

 

Hence, the main purposes of the BIR for the one-month extension of the income tax filing are to protect the taxpayers and to give them enough time to prepare the necessary documents in filing for an ITR. It is also important to take note that there would be no penalties imposed with this measure.

 

On the other hand, the Philippine government is expecting an about PHP145 billion tax collection delay due to the one-month ITR filing extension according to a statement from the Department of Finance. This would affect the government funds for social protection and health measures for the nation to fight the pandemic disease.

 

“These tax payments are crucial for the government to fund extremely urgent social protection and emergency health measures meant to effectively combat COVID-19 as well as to sustain state investments needed to help Filipino families regain stable and reliable sources of income at the soonest possible time,” the DOF said.

 

To eschew this matter, the BIR secured an online filing and payment platforms asking the taxpayers to secure their payments as early as now or within the deadline if possible. By doing so, the funds to sustain the needs of every Filipino family and every hospital will increase.

 

Thus, people may still file and pay their corresponding taxes to any nearest Authorized Agent Banks (AAB) or Revenue Collection Officer under the Revenue District Office.