Revenue Memorandum Circular · RMC

RMC No. 5-2023

To provide transitory provisions implementing the quarterly filing of VAT returns starting January 1, 2023 under Section 114(A) of the NIRC of 1997, as amended by RA 10963 (TRAIN Law), and to avoid confusion during initial implementation, particularly for taxpayers under a fiscal period of accounting.

Bureau of Internal RevenueIndependent research copy

Document type: RMC
Number: 5
Year: 2023
Text quality: Not specified

Document text

Reference copy · verify against the official source

RMC No. 5-2023 (January 13, 2023) provides transitory provisions for the shift to quarterly filing of VAT returns effective January 1, 2023, pursuant to Section 114(A) of the NIRC of 1997 as amended by RA 10963 (TRAIN Law). VAT-registered taxpayers no longer file the Monthly VAT Declaration (BIR Form 2550M) for transactions starting January 1, 2023; instead they file the Quarterly VAT Return (BIR Form 2550Q) within 25 days after the close of each taxable quarter in which the transactions occurred. A transition table — addressed particularly to taxpayers under a fiscal period of accounting — prescribes deadlines, including a final 2550M for December 2022 transactions due January 20, 2023, and 2550Q deadlines of February 27, 2023 and March 27, 2023, with a note that the 25th-day deadline falls on a Saturday. The OCR of the table is partly garbled, so some cell-to-deadline mappings are uncertain.