Under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, VAT-registered taxpayers are no longer required to file the Monthly VAT Declaration (BIR Form 2550M) but will instead file the corresponding Quarterly VAT Return (BIR Form 2550Q).
However, due to the request of certain taxpayers, and in line with the BIR’s continuous efforts to streamline its policies and processes for convenience of the taxpayers, the filing and payment of VAT returns is now allowed on a monthly basis using BIR Form 2550M. Should taxpayers choose to file monthly, they are still required to file the quarterly VAT return (BIR Form 2550Q) and pay the corresponding VAT liabilities within twenty-five (25) days following the close of each taxable quarter as provided under the Tax Code.
As for the monthly filing of BIR Form 2550M, there is no prescribed deadline thereof. No penalties shall also be imposed if the VAT-registered person opts to switch from monthly to quarterly filing, or vice versa.
In this regard, the procedures and guidelines set forth in Revenue Regulations (RR) Nos. 16-2005, 6-2014, Revenue Memorandum Circular (RMC) No. 68-2005, and other revenue issuances, regarding the use of BIR Form 2550M shall continue to apply.
Reference:
RMC No. 52-2023
