Filing Guidelines: Value-Added Tax Return

By: Pamela Ruth G. Calog, CPA

5 months ago


Guidelines

BIR Form No. 2550M

BIR Form No. 2550Q

Return

Monthly Declaration

Quarterly Return

Who shall file

  1. A VAT-registered person; and


  1. A person required to register as a VAT taxpayer but failed to register.


Both forms must be filed as long as the VAT registration has not yet been cancelled, even if there is no taxable transaction during the month or the aggregate sales/receipts for any 12-month period did not exceed the P1,500,000.00 threshold.

When to File

Not later than the 20th day following the close of the month.


For EFPS, in accordance with the schedule set forth in RR No. 26-2002.

Filed not later than the 25th day following the close of each taxable quarter synchronized to the income tax quarter of the taxpayer.



Attachment Required

  1. Duly issued Certificate of Creditable VAT Withheld at Source (BIR Form No. 2307), if applicable


  1. Summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax at Source (SAWT), if applicable


  1. Duly approved Tax Debit Memo, if applicable


  1. Duly approved Tax Credit Certificate, if applicable


  1. Authorization letter, if declaration/return is filed by authorized representative.


For BIR Form No. 2550Q, the previously filed return and proof of payment is required in case of amended return.


Only one consolidated Monthly VAT Declaration/Quarterly VAT Return shall be filed covering the results of operation of the head office as well as the branches for all lines of business subject to VAT.


The Quarterly Summary Lists of Sales and Purchases shall be submitted in Compact Disk-Recordable (CDR) following the format provided under Section 4.114-3(g) of RR No. 16-2005, as amended by RR No. 1-2012.


The Quarterly Summary Lists of Sales and Purchases shall be submitted through electronic filing facility for taxpayers under the jurisdiction of the Large Taxpayers Service (LTS) and those enrolled under the EFPS.


Procedures on Filing


If there is payment


  1. File the declaration/return, together with the required attachments, and pay the VAT due thereon with any Authorized Agent Bank (AAB) under the jurisdiction of the Revenue District Office (RDO)/Large Taxpayers District Office (LTDO) where the taxpayer (head office of the business establishment) is registered;


  1. Accomplish and submit BIR-prescribed deposit slip, which the bank teller shall machine validate as evidence that payment was received by the AAB. The AAB receiving the tax declaration/return shall stamp mark the word "Received" on the it and a machine shall validate the declaration/return as proof of filing declaration/return and payment of the tax;


  1. In places where there are no AAB, file the declaration/return, together with the required attachments and pay the VAT due with the Revenue Collection Officer (RCO); and


  1. The RCO shall issue a Revenue Official Receipt upon payment of the tax.


If there is no payment, file the BIR return, together with the required attachments, with the RDO/LTDO/Large Taxpayers Assistance Division, Collection Agent having jurisdiction over the registered address of the taxpayer (head office of the business establishment).


For comments, you may also please send email at info(@)cbos.com.ph.


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