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Reminders on 2011 start of the year tax requirements

Reminders on 2011 start of the year tax requirements

There are a number of information returns and other compliance requirements for taxpayers in the first 30 days or so of every year.  There are penalties imposed on non-compliance.  We are issuing this reminder to ensure that you won’t miss them.

1. Annual Information Return of Income Taxes Withheld on Compensation (BIR Form 1604-CF) -  BIR Form 1604CF should be submitted on or before January 31, 2011 together with the Alphabetical List (Alphalist) of Employees. 

      Employers with less than 10 employees should prepare and submit the alphalist in hard copy  while those with 10 or more employees should submit the alphalist in soft copy using 3.5-inch floppy diskette, together with the manually prepared alphalist, as required by some RDOs.

      EFPS filers are required to submit the alphalist in soft copy, regardless of the number of their employees, thru e-submission/e-attachment.  A new data entry and validation module (version 3.4) is already available which can be dowloaded in the BIR website to comply with the BIR file formats.

2.  Employees’ Withholding Statements (BIR Form 2316) -   BIR Form 2316 for TY 2010 should be issued on or before January 31, 2011 to all employees, including those who qualify as minimum wage earners (MWE).
For employees who do not qualify for substituted filing such as those with concurrent or successive employer during TY 2010, the certification at the bottom should not be signed by both the employer and employee.  In such case, BIR Form 2316 should be attached to the ITR that the employee will file on April 15, 2011.

3.  Registration of  manual books of accounts – Registration of manual books of accounts is required before said books are used.  However, if manual books of accounts is previously registered and the pages are not yet fully exhausted, there is no need to re-register or re-stamp provided portions pertaining to a particular year should be labeled or marked by the taxpayer.  Registration  of new set of manual of books of accounts shall be at the time when all pages have been exhausted.

4.  Submission of books of accounts -  This includes submission of computerized books of accounts and permanently bound computer generated/loose leaf books of accounts.

    A. Loose-leaf books of accounts - The deadline for submission  of loose-leaf bound books of accounts for taxable year  ending December 31,  2010 is on January 15, 2011
    B. Computerized books of accounts -  The submission  deadline for computerized books of accounts and other accounting records in CD-R, DVD-R, or other optical media for CY ending December 31, 2010 is on January 30, 2011.

5.  Inventory list - The annual inventory list for taxpayers whose accounting period ended on December 31, 2010 should be submitted on January 30, 2011.

6. List of regular suppliers for Top 20,000 –  This is required to be submitted on a semestral basis by Top 20,000 corporations covering their purchases of goods and services from all their regular local/resident suppliers as well as non-regular suppliers for single purchases of P10,000. The deadline for the list for the second semester of TY 2010 is January 31, 2011.

7. Annual registration fee – The P500 annual registration fee should be paid on or before January 31, 2011 using BIR Form 0605 at the authorized agent bank (AAB) within the RDO where the business or branch is registered.  For eFPS taxpayers, BIR Form 0605 should be e-filed and e-paid.  Late payment of registration fee is subject to 25% surcharge, 20% interest and P200 penalty.

8. Renewal of LGU registrati on - This covers  payment of local business tax (LBT), mayor’s permit fee, and other fees and charges imposed b y LGUs. Due date is January 20, 2011. The LBT may be paid in installment within the first 20 days of each quarter.