Manila, Philippines – The Bureau of Internal Revenue (BIR) has come out with new income tax return (ITR) forms for use by individual taxpayers receiving compensation income and those with mixed earnings when they file their 2011 returns next year.
The return for corporate taxpayers (BIR Form 1702) was also changed. With the new forms the number of pages to be filled up by taxpayers receiving purely compensation income (BIR Form 1700) was increased from one to three pages.
Those receiving mixed income (BIR Form Bo1701) will be filing five pages from the previous three. On the other hand the return for corporate taxpayers has been increased from three to four pages. (Jun Ramirez)