The Bureau of Internal Revenue (BIR) introduced a VAT return simplification for taxpayers in the Philippines.
Timeline
Beginning January 1st, 2023, liable taxpayers should submit their VAT returns quarterly.
Impact
Instead of monthly filing, beginning January 1st, 2023, liable taxpayers are obliged to file their VAT returns quarterly after the amendment of Revenue Regulation No. 13-2018.
The transitional rules for the change are provided in Revenue Memorandum Circular No.5 of 2023. It states that taxpayers are no longer obliged to file the monthly VAT return form (BIR Form No. 2550M), ….
Source: Fonoa
