Taxpayers may file their 2019 Annual Income Tax Return (AITR), without penalties until May 30, 2020.
Following the extension of the Enhanced Community Quarantine (ECQ) over Luzon until April 30, 2020 and pursuant to Section 4(z) of Republic Act No. 11469 known as the “Bayanihan to Heal as One Act”, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 10-2020 further extending the statutory deadlines and timelines for the filing and submission of documents and payment of taxes.
RR No. 10-2020 amends Section 2 of RR No. 7-2020 by further extending, among others, the due date for filing the 2019 AITR from May 15, 2020 to May 30, 2020. The BIR had earlier extended the filing of the 2019 AITR from April 15, 2020 to May 15, 2020 through RR No. 7-2020 and Revenue Memorandum Circular (RMC) 28-2020.
Nonetheless, taxpayers may file returns and pay the taxes due thereon during the original deadline. Those who file their tax returns within the original deadline or prior to the extended deadline may amend their tax returns any time on or before the extended due date.
An amendment that results in additional tax to be paid may be settled without penalties (surcharge, interest and compromise penalties) if done not later than the extended deadline.
Should the amendment result in overpayment, the taxpayer may opt to carry over the excess payment as tax credit against the tax due for the same tax type in the succeeding periods’ tax returns or file a claim for refund.