BIR Issues a Memorandum Circular to address the concerns of the taxpayers relative to the filing of tax returns and payment of taxes before the extended deadline.

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 37-2020 to address the concerns of taxpayers relative to the filing of tax returns and payment of taxes before the extended deadline, as provided in the prior BIR issuances, with the following guidelines:

1. Taxpayers who file their tax returns within the original deadline or prior to the extended deadline can amend their tax returns at any time on or before the extended due date. An amendment that will result to additional tax to be paid shall not be subject to corresponding penalties (surcharge, interest and compromise penalties) if the same is done not later than the extended deadline as provided under existing rules and regulations.

2. Conversely, a taxpayer, whose amended returns will result to overpayment of taxes paid, can opt to carry over the overpaid tax as credit against the tax due for the same tax type in the succeeding periods’ tax returns, aside from filing for claim for refund.

3. Moreover, for the Individuals (including Mixed Income Earner), Estates and Trusts, the January 2018 version of the BIR Form 1701 [Annual Income Tax Return for Individuals (including Mixed Income Earner) Estates and Trusts], is not yet available in the Electronic Filing and Payment System (eFPS). In this regard, eFPS filers shall use the Offline eBIRForms Package Version 7.6 as circulated in RMC No. 16-2020. Consequently, payment as prescribed under the existing rules and regulations.

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