What form to use?
The Bureau of Internal Revenue (BIR) Form 1701Q shall be used by self-employed individuals, estates and trusts upon filing their quarterly income tax, whereas, the BIR Form 1702Q shall be used by corporations, partnerships and other non-individual taxpayers.
When to file?
For self-employed individuals, estates and trusts, the first three (3) quarterly income tax returns are due for filing on May 15, August 15 and November 15 of the current taxable year, respectively. On the other hand, corporations, partnerships and other non-individual taxpayers are required to file their quarterly income tax returns, with or without payment, within sixty (60) days following the close of each quarter, regardless if the taxpayer is operating under calendar or fiscal year.
When to pay?
Taxpayers shall pay the estimated tax due upon filing of their quarterly income tax returns.
Where to file and pay?
Taxpayers are required to file the returns and pay the estimated tax due to the Authorized Agent Bank (AAB) within the jurisdiction of the Revenue District Office (RDO) the taxpayer is registered. Where there are no AABs, filing and payment shall be made to the Revenue Collection Officer of the taxpayer’s RDO.
Relevant Attachments
If applicable, the following attachments are required by the BIR upon submission of the quarterly income tax returns:
- Certificate of Creditable Tax Withheld at Source (BIR Form 2307);
- Summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax at Source (SAWT)
- Duly approved Tax Debit Memo;
- Proof of other payment/s made; and
- Duly signed Authorization letter, if the return is filed by an authorized representative.
Penalties
Failure to file the tax returns and/or pay the estimated tax due is subject to a twenty-five percent (25%) surcharge of the tax, a twelve percent (12%) interest and a compromise penalty as imposed by the taxing authorities.
