Quarterly payment of the MCIT
Quarterly payment of the MCIT (Revenue Regulations No. 12-2007, published Oct 19, 2007)
The Revenue Regulations requiring the quartely computation and payment of the Minimum Corporate Income Tax (MCIT) has already been signed and published and will take effect beginning on the income tax return for fiscal quarter ending September 2007 which is due for filing on or before November 29, 2007.
As with the computation of the quarterly regular corporate income tax (RCIT), the MCIT shall be computed on the cumulative gross income for the fiscal year, as of the quarter ended, and compared with the normal income tax due on the cumulative net taxable income for the year, as of the quarter ended. Taxes paid during the three quarters, whether RCIT or MCIT, may be credited against the annual income tax payable, whether it be RCIT or MCIT.
BIR may be issuing a revised Form 1702Q (Quarterly Income Tax Return) to provide for a space for the computation of the MCIT.
Attached is a copy of RR 12-2007, for your reference.
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