By Jun Ramirez
The Bureau of Internal Revenue has asked self-employed (professionals and businessmen) and other individual taxpayers to submit their 2017 Income Tax Returns now and not wait for the April 16 deadline to avoid the inconveniences that normally occur during the last-day rush.
BIR Commissioner Caesar R. Dulay said that like in past, the deadline will not be extended and late filers will be slapped the usual penalties, including the one-time 25 percent surcharge on the amount due and 20 percent annual interest.
The last day of filing has been moved to April 16 because the original April 15 deadline falls on a non-working Sunday.
Metro Manila revenue regional directors told filers to use the old ITR schedule and not the new one mandated by the Tax Reform for Acceleration and Inclusion which will be applied in 2019 to cover income earned this year.
A salaried worker need not file ITRs as the chore is handled by their employer under the so-called substituted filing system. He is, however, required to file if he has two or more employers.
Also exempted from submitting ITRs are individuals whose annual gross income does not exceed his personal and additional exemption as well as others whose sole income has been subjected to final withholding tax like interest on bank deposits and sale of real estate properties.
Married working couple may claim P50,000 each as personal exemption, but only one can claim the additional exemption of P25,000 for each dependent child not exceeding four.
Required to file returns are Filipino citizens here and abroad and foreigners deriving income in the country.
