BIR Form No Guidline

8/10/2019 BIR Form No Guidline

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BIR Form No.

1700

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Annual Income Tax Return for Individuals Earning Purely Compensation

Income (Including Non-Business/Non-Profession Income)

Description

This return shall be filed by every resident citizen deriving compensation incomefrom all sources, or resident alien and non-resident citizen with respect to

compensation income from within the Philippines, except the following:

1. An individual whose gross compensation income does not exceed his total

personal and additional exemptions.

2. An individual with respect to pure compensation income, as defined in

Section 32(A)(1) derived from sources within the Philippines, the income tax on

which has been correctly withheld (tax due equals tax withheld) under the

provisions of Section 79 of the Code: Provided, that an individual deriving

compensation concurrently from two or more employers at any time during the

taxable year shall file an income tax return.

3. An individual whose income has been subjected to final withholding tax (alien

employee as well as Filipino employee occupying the same position as that of

the alien employee of regional or area headquarters and regional operating

headquarters of multinational companies, petroleum service contractors and

sub-contractors, and offshore banking units; non-resident alien not engaged in

trade or business).

4. A minimum wage earner or an individual who is exempt from income tax.

Filing Date

This return is filed on or before April 15 of each year covering income for the

preceding taxable year.

BIR Form No.

1701

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Annual Income Tax Return for Self-Employed Individuals, Estates and Trusts

Description

BIR Form No. 1701 shall be filed by individuals who are engaged intrade/business or the practice of profession including those with mixed income

(i.e., those engaged in the trade/business or profession who are also earning

compensation income) in accordance with Sec. 51 of the Code, as amended. The

annual income tax return summarizes all the transactions covering the calendar

year of the taxpayer.
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This return shall be filed by the following individuals regardless of amount of

gross income:

1. A resident citizen engaged in trade, business, or practice of profession within

and without the Philippines.

2. A resident alien, non-resident citizen or non-resident alien individual engaged

in trade, business or practice of profession within the Philippines.

3. A trustee of a trust, guardian of a minor, executor/administrator of an estate,

or any person acting in any fiduciary capacity for any person, where such trust,

estate, minor, or person is engaged in trade or business.

4. An individual engaged in trade or business or in the exercise of their

profession and receiving compensation income as well.

Filing Date

This return is filed on or before April 15 of each year covering income for the

preceding taxable year.

BIR Form No.

1701Q

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Quarterly Income Tax Return for Self-employed Individuals, Estates, and Trusts

(Including Those with both Business and Compensation Income)

Description

This return shall be filed in triplicate by the following individuals regardless of

amount of gross income:

1) A resident citizen engaged in trade, business, or practice of profession within

and without the Philippines.

2) A resident alien, non-resident citizen or non-resident alien individual engaged

in trade, business or practice of profession within the Philippines.

3) A trustee of a trust, guardian of a minor, executor/administrator of an estate,

or any person acting in any fiduciary capacity for any person, where such trust,

estate, minor, or person is engaged in trade or business.

Filing Date

1stqtr On or before April 15 of the current taxable year

2nd

qtr On or before August 15 of the current taxable year
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3rdqtr On or before November 15 of the current taxable year

BIR Form No.

1702-EX

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Annual Income Tax Return for Use ONLY by Corporation, Partnership and

Other Non-Individual Taxpayer EXEMPT under the Tax Code, as Amended,

{Sec. 30 and those exempted in Sec. 27(C) and Other Special Laws, with NO

Other Taxable Income

Description

This return shall be filed by a Corporation, Partnership and Other Non-Individual

TaxpayerEXEMPT under the Tax Code, as amended [Sec. 30 and those

exempted in Sec. 27(C)]and other Special Laws WITH NO OTHER TAXABLE

INCOMEsuch as but not limited to foundations, cooperatives, charitable

institutions, non-stock and non-profit educational institutions, General

Professional Partnership (GPP) etc.

Filing Date

This return is filed on or before the 15th day of the 4th month following the

close of the taxpayer's taxable year.

BIR Form No.

1702-MX

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Annual Income Tax Return for Corporation, Partnership and Other Non-

Individual with MIXED Income Subject to Multiple Income Tax Rates or with

Income Subject to SPECIAL/PREFERENTIAL RATE

Description

This return shall be filed by every Corporation, Partnership and Other Non-

Individual Taxpayer with MIXED Income subject to MULTIPLE INCOME TAX

RATES or with income subject to SPECIAL/PREFERENTIAL RATE.

Filing Date

This return is filed, with or without payment, on or before the 15th day of the

4th month following the close of the taxpayer's taxable year.

BIR Form No.

1702-RT

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Annual Income Tax Return for Corporation, Partnership and Other Non-

Individual Taxpayer Subject Only to REGULAR Income Tax Rate

Description

This return shall be filed by Corporation, Partnership and other Non-Individual

Taxpayer Subject Only to REGULAR Income Tax Rate of 30%. Every corporation,
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partnership no matter how created or organized, joint stock companies, joint

accounts, associations (except foreign corporation not engaged in trade or

business in the Philippines and joint venture or consortium formed for the

purpose of undertaking construction projects or engaging in petroleum, coal,

geothermal and other energy operations), government-owned or controlled

corporations, agencies and instrumentalities shall render a true and accurate

income tax return in accordance with the provisions of the Tax Code.

Filing Date

This return is filed, with or without payment, on or before the 15th day of the

4th month following close of the taxpayer's taxable year.

BIR Form No.

1702Q

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Quarterly Income Tax Return for Corporations, Partnerships and Other Non-

Individual Taxpayers

Description

This return is filed quarterly by every corporation, partnership, joint stock

companies, joint accounts, associations (except foreign corporation not engaged

in trade or business in the Philippines and joint venture or consortium formed

for the purpose of undertaking construction projects or engaging in petroleum,

coal, geothermal and other energy operations), government-owned or

controlled corporations, agencies and instrumentalities.

Filing Date

The corporate quarterly income tax return shall be filed with or without

payment within sixty (60) days following the close of each of the first three (3)

quarters of the taxable year whether calendar or fiscal year.

BIR Form No.

1703

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Annual Income Information Return for Non-Resident Citizens / OCWs and

Seamen (for foreign-sourced income)

Description

This information return is filed in triplicate by Non-resident citizens andOverseas Contract Workers (OCWs), including qualified Filipino seamen, on

income derived from sources abroad.

An individual citizen of the Philippines who is working and deriving income from

abroad as an overseas worker is taxable only on income from sources within the

Philippines. Income from sources within the Philippines should be filed in either
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Form 1700 or Form 1701.

Filing Date

This information return is filed not later than the April 15 of the year following

the taxable year in which the income was earned.

BIR Form No.

1704

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Improperly Accumulated Earnings Tax Return

Description

This form is to be filed by every domestic corporation classified as closely-held

corporation except banks and other non-bank financial intermediaries,

insurance companies, taxable partnerships, general professional partnerships,

non- taxable joint ventures and enterprises duly registered with the Philippine

Economic Zone Authority (PEZA) under R.A. 7916, and enterprises registered

pursuant to the Bases Conversion and Development Act of 1992 (R.A. 7227), and

other similar laws, shall render a true and accurate tax return in accordance

with the provision of the Tax code.

Filing Date

The return shall be filed within 15 days after the close of the year immediately

succeeding taxpayer's covered taxable year.

BIR Form No.

1706

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Capital Gains Tax Return for Onerous Transfer of Real Property Classified as

Capital Asset (both Taxable and Exempt)

Description

This return is filed by all persons (natural or juridical) whether resident or non-

resident, including Estates and Trusts, who sells, exchanges, or disposes of a real

property located in the Philippines classified as capital asset as defined under

Sec. 39 (A)(1) of RA 8424 for the purpose of securing a Tax Clearance Certificate

to effect transfer of ownership (title) of the property from the seller to the

buyer.

However, filing of the return is no longer required when the real property

transaction involves the following:

- it is not classified as a capital asset

- not located in the Philippines

- disposition is gratuitous
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- disposition is pursuant to the Comprehensive Agrarian Reform

To be filed with the RDO having jurisdiction over the place where the property

being transferred is located.

Filing Date

- Filed within thirty (30) days following each sale, exchange or disposition of real

property

- In case of installment sale, the return shall be filed within thirty (30) days

following the receipt of the 1st downpayment and within thirty (30) days

following each subsequent installment payment

- One return is filed for every transfer document regardless of the number of

each property sold, exchanged or disposed of.

BIR Form No.

1707

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Capital Gains Tax Return for Onerous Transfer of Shares of Stocks Not Traded

Through the Local Stock Exchange

Description

This return is filed by a natural or juridical person, resident or non-resident, who

is not exempt under existing laws for the sale, barter, exchange or other

onerous disposition intended to transfer ownership of shares of stocks in

domestic corporation classified as capital assets, not traded through the local

stock exchange.

Filing Date

- Filed within thirty (30) days after each cash sale, barter, exchange or other

disposition of shares of stock not traded through the local stock exchange.

- In case of installment sale, the return shall be filed within thirty (30) days

following the receipt of the first down payment and within (30) days following

each subsequent installment payment.

BIR Form No.1707-A

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Annual Capital Gains Tax Return for Onerous Transfer of Shares of Stock NotTraded Through the Local Stock Exchange

Description

This return is filed by every natural or juridical person, resident or non-resident,

who is not exempt under existing laws for sale, barter, exchange or other
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disposition of shares of stock in a domestic corporation, classified as capital

assets, not traded through the local stock exchange.

Filing Date

- For individual taxpayers, this final consolidated return is filed on or before April15 of each year covering all stock transactions of the preceding taxable year.

- For corporate taxpayers, this form is filed on or before the fifteenth (15th) day

of the fourth (4th) month following the close of the taxable year covering all

transactions of the preceding taxable year.

Registering a Non-Stock Corporation in the Philippines

At the start of 2013 Andy and I began looking into the possibilities of registering D' ACT as a business, tomake what we're doing official and legit, and secure our long-term situation in the Philippines. Around

that same time we also found out that we're going to have a baby, which has made us even more

determined to get our act together.

After a few months of research, meeting and discussing our possibilities with consultants and partners,

making preparations for the baby, Andy building the Aquaponics pilot system, and me finishing up my

studies for the year (I'm taking a Business Management course), we're finally starting the registration

process, which we have decided to work through ourselves.

Since I've been doing most of the research about the many different requirements and processes you

have to go through at a number of government organization, I thought I'd take some time to put
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together everything I'm learning. Of course, we are registering a non-stock corporation, which follows a

similar process but differs in some ways from the requirements for stock corporations, but hopefully this

information will be useful for anyone (especially foreigners) crazy enough to try registering a business in

the Philippines themselves.

I'll start with a brief overview of each step, and as we go through them ourselves, I'll make more

detailed posts about dealing with each individual government agency.

Pre-Registration

First things first, and this is what took us the most time, you want to have everything you need in order

before you start to register. Since we've already completed these, I'll include a bit of what we've learned

from each step.

Incorporators: You need at least five, and as of now at least 60% of the corporation must be

owned by Filipinos (or Filipino residents for a non-stock) Apparently this might be changingsoon, so follow the news. Since Andy and I are not residents, we're partnering with three Filipino

friends who we've known for quite some time and who we know we can trust. Make sure you

can say the same of your business partners, as it's certainly not unheard of for foreigners to get

cheated out of their money.

Officers: When electing your officers, keep in mind that the Secretary must be a citizen and

resident of the Philippines. Other sources say the Treasurer must be as well. Plus, we were

advised that it's best all the important officers, including the President, to be Filipino. Once I find

out more about if and why this is really necessary, I'll let you know.

TINs (Tax Identification Numbers): All incorporators will need TINs, issued by the BIR (Bureau of

Internal Revenue). Foreigners who aren't working can easily get a TIN using BIR Form No. 1904,

which is issued specifically for transacting with government offices.

Note: You may have noticed that many of the download links on government websites don't work, but

here's a list ofBIR formsthat you can actually download. You'll need a bunch of them later.

Principal Address: We're using our home address as the corporation's principal address. With

the exception of condominiums, foreigners can't own land in the Philippines, so we're renting. If

you want to use a residential address, talk to your landlord and make sure he or she is willing tochange the property registration to commercial, which will mean additional taxes and

paperwork. If the landlord doesn't want to do that, you can create an alternative agreement,

such as a Certificate of No Rent, which will allow you to use the property, but not to claim rent

as a business expense since you would retain your original private contract of lease. (I have been

told that there is still a way to claim rent as a business expense, but I'm not really sure how

legitimate that is yet. I plan to look into it more and will post an update if I find out.)
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Paid-in Capital: For a non-stock corporation, paid-in capital must be at least P5,000, unless

you're registering a foundation, in which case you need 1 million pesos. Stock corporations are

required to deposit at least 6.25% (a quarter of a quarter) of their authorized capital stock.

Minimums vary depending on the industry, but the deposit can never be less than P5,000.

Paperwork: Here's a list of the paperwork which you will want to have ready. Important note:don't get them printed, signed, and notarized until after you reserve your company name with

the SEC (Securities and Exchange Commission). Don't make the mistake of having to redo

everything because the name you used turned out not to be available.

1.

AOI (Articles of Incorporation) with notarized Acknowledgement

2.

By-Laws

3.

*Treasurer's Affidavit, notarized

4.

Affidavit Undertaking to Change Corporate Name (unless included in AOI)

5.

List of Members certified by Corporate Secretary (unless included in AOI)

6.

List of Contributors and Amount Contributed certified by Treasurer (unless included in AOI)

7.

*SEC Registration Data Sheet

8.

SEC Cover Sheet

9.

Lease Contract or Proof of Ownership

10.

Lessor's Permit

11.

Location Plan/Site Map

12.

Pictures of your establishment (inside and outside)

13.

Books of account (journal, ledger, cash receipts, and cash disbursements)

The first eight documents required are for the SEC, and all together you'll need six copies of each, all

signed and notarized:four copies to submit to the SEC, one preliminary copy for the bank, and one copy

for you. Numbers 9 through 12 are for the barangay and/or city hall, and Number 13 is for the BIR.

*Update: Numbers 3 and 7 are not necessary for a non-stock corporation. Also, it's best to include

numbers 4-6 in your AOI.

Registration

1.

Reserve your company name online throughSEC-iRegisteror at the SEC. If you reserve online,

you'll have four days to go to the SEC and pay for the reservation (P40).
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2.

Optional: Register your company online with I-Register. If you want, you can fill in all your

company information and I-Register will generate PDFs of all the SEC required documents

(except the affidavits, numbers 3 and 4 above) and it will issue a registration notice, after which

you'll have four days to pay the registration fee (P1,020). One drawback of using this option is

that you have to choose from a list of company purposes, instead of writing your own. More on

how we solved this problem in the next post. Another drawback: the website slow.

3.

Print, sign, and notarize your paperwork.

4.

Open a Treasurer-In-Trust account at your AAB (Authorized Agent Bank). Take the preliminary

copies mentioned above and bring your Treasurer.

5.

Certificate of Incorporation and Pre-Generated TIN: Apply at the SEC. First, pay for your

reservation notice. Once you have the name verification slip, submit four complete copies of the

documents listed above. For our non-stock, I'm expecting to total for the SEC to come to about

P2,000. Pay an extra P800 and you'll be finished within a day; if not, it takes 5-7 working days.

6.

Covert Treasurer-In-Trust account to corporate account at your bank. First, the Treasurer will

need to close the account. Then you'll need your approved SEC documents and a notarized

Secretary's Certificate signed by the Secretary, Treasurer, and President stating who the

authorized signatories for the account will be. You should be able to get a template of this

document from your bank.

7.

Barangay Clearance: Ask at your local Barangay Hall. You'll need your Certificate of

Incorporation, as well as your location plan/site map, contract of lease or substitute document,

and possibly some other documents. The clearance can cost between P500 and P1,500. If your

principal address is in a residential area, you'll need a signature from the president of yourhomeowner's association, so make sure you have his/her permission.

8.

Business Permit: (a.k.a. mayor's permit) Apply at your City Hall. We're registering in Paranaque,

so I'll be writing a more detailed post about that process, but note that it differs per city. The

CTC (community tax certificate) should be P500 or less, and you'll pay a variety of fees for the

permit, depending on the nature of your business, the land area occupied, and your total

authorized capital stock. This step can take up to two weeks, since they have to come and

inspect your building twice.

9.

Apply for COR (Certificate of Registration) and register TIN at the BIR. You'll need BIR Forms No.

1903 (registration), 0605 (payment), and 2000 (DST). Expect to pay a P100 certification fee andP15 DST (Documentary Stamp Tax) while you're here.

10.

Pay the BIR registration fee and DST at your bank. Once you get the TIN, you have to go to your

bank and pay some BIR fees there as well. The registration fee is P500, and the DST depends on

the original issuance of shares of stock.


11/11

11.

Register books of account at the BIR using BIR Form No. 1905 orregister excel spreadsheets

("loose leaf") or a CAS using BIR Form No. 1900. If you go with the second option, it will have to

be inspected and evaluated by the BIR, which they are required to do within 30 days of receiving

your application form and complete documentary requirements.

12.

Obtain authority to print at the BIR using Form No. 1906

13.

Print receipts and invoices at any authorized printing company, and expect to pay about P3,500.

There is also an option to print your own receipts and invoices, but I'm still trying to figure out

exactly what that entails. More on the subject later.

14.

Have your books of account and PCD (Printer's Certificate of Delivery of Receipts and

Invoices) stamped at the BIR

15.

Register with the SSS, PhilHealth, and Pag-Ibig. We won't have any Filipino employees, at least

not for awhile, so technically we should be able to skip this step, but I've also been told that we

have to do it anyway. If so, I'll give more information about this in a later post

Post-Registration

Once we're registered, Andy and I will also be applying for Pre-Arranged Employment Visas at the BI

(Bureau of Immigration), which means we'll have to get AEPs (Alien Employment Permits) from DOLE

(Department of Labor and Employment). I'll be including a post about that as well.

And of course, once the registration is complete, you get to file and pay taxes, which you'll be doing

monthly, quarterly, and annually. Once we get to that point, I'll let you know how it goes.

In my very next post I'll talk about the first five registration steps: opening the bank account and

registering at the SEC. In fact, Andy's at the SEC right now working on step five. I'll try to make this series

as comprehensive as possible and update my assumptions as we go along. I hope our first-hand

accounts will be useful.

Documents

BIR Form No Guidline