29 May 2023
The Commissioner of Internal Revenue has issued RMC No. 59-2023 dated 19 May 2023 announcing the availability of the Revised BIR Form No. 2550Q [Quarterly Value-Added Tax (VAT) Return] January 2023 (ENCS) version:
Tax Code of 1997 | Particulars | RA No. 10963 Provisions |
Section 114(A) | Filing of Return and Payment of VAT | Section 37: Beginning January 1, 2023, the filing and payment required under this Subsection shall be done within twenty-five (25) days following the close of each taxable quarter. |
Section 110(A)(2)(b) | Creditable Input Tax | Section 35: The amortization of the input VAT shall only be allowed until December 31, 2021. Afterwhich, taxpayers with unutilized input VAT on capital goods purchased or imported shall be allowed to apply the same as scheduled until fully utilized. |
Section 114(C) | Withholding of VAT | Section 37: Beginning January 1, 2021, the VAT withholding system shall shift from final to a creditable system. |
The revised BIR Form No. 2550Q is already available on the BIR website under the BIR Forms-VAT/Percentage Tax Returns Section.
You may access the full version of the issuance through the BIR website.