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Income Tax Return Financial Statements Form Philippines document sample
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(To be filled up by the BIR)
DLN: PSIC:
BIR Form No.
Republika ng Pilipinas
Quarterly Income
Kagawaran ng Pananalapi
Kawanihan ng Rentas Internas
For Corporations and Partnerships
Tax Return 1702Q
October 2007 (ENCS)
Fill in all applicable spaces. Mark all appropriate boxes with an “X”.
1 For the Calendar Fiscal 3 Quarter 4 Amended Return? 5 No. of sheets attached
2 Year Ended
( MM / YYYY ) 1st 2nd 3rd Yes No
Part I Background Information
6 TIN 7 RDO Code 8 Line of Business
9 Taxpayer's Name 10 Telephone No.
11 Registered Address 12 Zip Code
13 Are you availing of tax relief under 14 ATC
Special Law / International Tax Treaty? Yes No If yes, specify
Part II ComputatIon of Tax
Declaration This Quarter EXEMPT TAXABLE
Special Rate Regular Rate
15 Sales/Revenues/Receipts/Fees 15A 15B 15C
16 Less: Cost of Sales/Services 16A 16B 16C
17 Gross Income 17A 17B 17C
18 L
Add: Other Non-Operating and Taxable Income 18A 18B
19 Total Gross Income L
19A 19B 19C
20 Less: Deductions 20A 20B 20C
21 Taxable Income This Quarter 21A 21B
22 Add: Taxable Income from Previous Quarter(s) 22A 22B
23 Total Taxable Income to Date 23A 23B
24 Tax Rate (except MCIT Rate) 24A 24B
25 Income Tax (Other Than MCIT)………….. ……. ………………………………………………..
25A 25B
26 Less: Share of Other Agencies (RA 7916/8748, etc)…………………… 26
27 Minimum Corporate Income Tax (MCIT (see schedule 1) …………………….…………….……….………… 27
28 Tax Due
28A Tax on transactions under Regular Rate (Normal Income Tax or Minimum Corporate Income Tax whichever is higher)……….. 28A
28B Less: Unexpired Excess of Prior Year's MCIT over Normal Income Tax Rate
(deductible only if the quarterly's tax due is the normal rate)……………..…………………………….. 28B
28C Balance (Item 28A less Item 28B)…………………………………………………………………………… 28C
28D Add: Tax Due to the BIR on transactions under Special Rate (25A less 26)…… …………….
28D
29 Aggregate Income Tax Due (Sum of Items 28C and 28D)…………………………………………………. 29
30 Less: Tax Credits/Payments
30A Prior Year's Excess Credits - Taxes Withheld 30A
30B Tax Payment(s) for the Previous Quarter(s) of the same taxable year other than MCIT 30B
30C MCIT Payment(s) for the Previous Quarter(s) of the same taxable year 30C
30D Creditable Tax Withheld for the Previous Quarter(s) 30D
30E Creditable Tax Withheld Per BIR Form No. 2307 for this Quarter 30E
30F Tax paid in Return Previously Filed, if this is an Amended Return 30F
30G Total Tax Credits/Payments (Sum of Items 30A to 30F) 30G
31 Tax Payable/(Overpayment)(Item 29 less Item 30G) 31
32 Add: Penalties
Surcharge Interest Compromise
32A 32B 32C 32D
33 Total Amount Payable (Overpayment)(Sum of Items 31 and 32D) 33
We declare, under the penalties of perjury that this return has been made in good faith, verified by us, and to the best of our knowledge and belief,
is true and correct, pursuant to the provisions of the National Internal Revenue Code, as amended, and the regulations issued under authority thereof.
34A 34B
President/Vice President/Principal Officer/Accredited Tax Agent/ Treasurer/Assistant Treasurer
(Signature over printed Name) (Signature over printed Name)
Title/Position of Signatory TIN of Signatory Title/Position of Signatory
Tax Agent Acc. No./Atty's Roll No. (if applicable) Date of Issuance Date of Expiry TIN of Signatory
Part III D e t a i l s of P a y m e n t Stamp of Receiving
Drawee Bank/ Date Office/AAB and
Particulars Agency Number MM DD YYYY Amount Date of Receipt
35 Cash/Bank 35A 35B 35C 35D (RO's Signature/
Debit Memo Bank Teller's Initial)
36 Check 36A 36B 36C 36D
37 Tax Debit 37A 37B 37C
Memo
38A 38B 38C 38D
38 Others
Machine Validation/Revenue Official Receipt Details (If not filed with the bank)
BIR FORM 1702Q (ENCS) - PAGE 2
Schedule 1 Computation of Minimum Corporate Income Tax (MCIT) for the Quarter(s)
1st Quarter 2nd Quarter 3rd Quarter Total
Total Gross Income (except Gross Income Taxable under Special Rate) for MCIT
Tax Rate 2%
Minimum Corporate Income Tax (to Item 27)
ATC Description Tax Rate Tax Base ATC Description Tax Rate Tax Base
DOMESTIC
CORPORATION
IC 010 1. In General IC 020 6. Taxable Partnership
a. January 1- October 31, 2005 32% a. January 1 - October 31, 2005 32% On Taxable
November 1, 2005 - December 31, 2008 35% Taxable Income November 1, 2005 - December 31, 2008 35% Income from
January 1, 2009 30% from All sources January 1, 2009 30% All Sources
IC 055 b. Minimum Corporate Income Tax 2% Gross Income IC 055 b. Minimum Corporate Income Tax 2% On Gross Income
IC 030 2. Proprietary Educational Institutions 10% 7. Exempt Corporation
On Taxable Income from All sources IC 011 a. On Exempt Activities 0%
a. Proprietary Educational Institution whose IC 010 b. On Taxable Activities *same rate On Taxable Income from all sources
gross income from unrelated trade,business as in 1a
or other activity exceeds fifty percent (50%) of IC 021 8. General Professional Partnership exempt
the total gross income from all sources. 9. Corporation covered by Special Law*
January 1- October 31, 2005 32% RESIDENT FOREIGN
November 1, 2005 - December 31, 2008 35% Taxable Income CORPORATION
January 1, 2009 30% from All sources IC 070 1. In General
a. January 1 - October 31, 2005 32% On Taxable
b. Minimum Corporate Income Tax 2% Gross Income November 1, 2005 - December 31, 2008 35% Income from within the Philippines
IC 031 3. Non Stock-Non Profit Hospitals January 1, 2009 30%
10%
On Taxable Income from All sources IC 055 b. Minimum Corporate Income Tax 2% On Gross Income
a. Non Stock-Non Profit Hospitals whose IC 080 2. International Carriers 2.5% Gross Philippine Billing
gross income from unrelated trade,business IC 101 3. Regional Operating Headquarters* 10% On taxable Income
or other activity exceeds fifty percent (50%) of 4. Corporation covered by Special Law*
the total gross income from all sources. IC 190 5. Offshore Banking 10% On Gross Taxable Income on
January 1- October 31, 2005 32% Units (OBU's) Foreign Currency Transaction
November 1, 2005 - December 31, 2008 35% Taxable Income not subjected to Final Tax
January 1, 2009 30% from All sources
a. January 1 - October 31, 2005 32% On Taxable Income
c. Minimum Corporate Income Tax 2% Gross Income November 1, 2005 - December 31, 2008 35% Other Than Foreign
IC 040 4. GOCC, Agencies & Instrumentalities On Taxable January 1, 2009 30% Currency Transaction
a. January 1 - October 31, 2005 32% Income from
November 1, 2005 - December 31, 2008 35% All sources
January 1, 2009 30% IC 191 6. Foreign Currency 10% On Gross Taxable Income on
b. Minimum Corporate Income Tax 2% On Gross Income Deposit Units (FCDU's) Foreign Currency Transaction
IC 041 5. National Gov't & LGU's not subjected to Final Tax
a. January 1 - October 31, 2005 32% On Taxable
November 1, 2005 - December 31, 2008 35% Income from a. January 1 - October 31, 2005 32% On Taxable Income
January 1, 2009 30% Proprietary activities November 1, 2005 - December 31, 2008 35% Other Than Foreign
b. Minimum Corporate Income Tax 2% On Gross Income January 1, 2009 30% Currency Transaction
* PLEASE REFER TO REVENUE DISTRICT OFFICES
BIR Form No.1702Q - Quarterly Income Tax Return
For Corporations and Partnerships
GUIDELINES AND INSTRUCTIONS
Who Shall File Minimum Corporate Income Tax (MCIT)
Every corporation, partnership no matter how created or organized, joint stock
A minimum corporate income tax (MCIT) of two percent (2%) of the gross income as of
companies, joint accounts, associations (except foreign corporation not engaged in trade or the end of the taxable year (whether calendar or fiscal year, depending on the accounting
business in the Philippines and joint venture or consortium formed for the purpose of
period employed) is hereby imposed upon any domestic corporation and resident foreign
undertaking construction projects or engaging in petroleum, coal, geothermal and other energy corporation beginning the fourth (4th) taxable year immediately following the taxable year in
operations), government-owned or controlled corporations, agencies and instrumentalities shall
which such corporation commenced its business operations. The MCIT shall be imposed
render a true and accurate income tax return in accordance with the provisions of the Tax Code. whenever such corporation has zero or negative taxable income or whenever the amount of
The return shall be filed in triplicate copies by the president, vice-president or other principal minimum corporate income tax is greater than the normal income due from such corporation.
officer and shall be sworn to by such officer and by the Treasurer or Assistant Treasurer. The computation and the payment of MCIT, shall apply at the time of filing the quarterly
corporate income tax.
Every general professional partnership shall file a return of its income setting forth the
items of gross income and of deductions and the names, TINs, addresses and shares of each of
Penalties
the partners.
There shall be imposed and collected as part of the tax:
1. A surcharge of twenty five percent (25%) for each of the following violations:
The general professional partnership is not required to file quarterly income tax
a. Failure to file any return and pay the amount of tax or installment due on or before
return/quarterly information return. It is required, however, to file annual income tax the due date;
return/annual information return (Form 1702) with Audited Financial Statements.
b. Unless otherwise authorized by the Commissioner, filing a return with a person or
office other than those with whom it is required to be filed;
When and Where to File c. Failure to pay the full or part of the amount of tax shown on the return, or the full
The corporate quarterly declaration shall be filed with or without payment within sixty amount of tax due for which no return is required to be filed on or before the due
(60) days following the close of each of the first three (3) quarters of the taxable year whether date;
calendar or fiscal year. d. Failure to pay the deficiency tax within the time prescribed for its payment in the
notice of assessment.
The return shall be filed with any Authorized Agent Bank (AAB) located within the
2. A surcharge of fifty percent (50%) of the tax or of the deficiency tax, in case any
territorial jurisdiction of the Revenue District Office where the taxpayer is required to payment has been made on the basis of such return before the discovery of the falsity or
register/which has jurisdiction over the location of the principal office of the
fraud, for each of the following violations:
“CORPORATION” filing the return. a. Willful neglect to file the return within the period prescribed by the Code or by rules
and regulations; or
In places where there are no AABs, the return shall be filed directly with the Revenue b. In case a false or fraudulent return is willfully made.
Collection Officer or duly Authorized City or Municipal Treasurer within the Revenue District
3. Interest at the rate of twenty percent (20%) per annum, on any unpaid amount of tax,
Office where the taxpayer is required to register/which has jurisdiction over the location of the from the date prescribed for the payment until the amount is fully paid.
principal office of the “CORPORATION” filing the return.
4. Compromise penalty.
When and Where to Pay Attachments Required
Upon filing of this return, the total amount payable shall be paid to the Authorized Agent 1. Certificate of Income Payments not Subject to Withholding Tax (BIR Form
Bank (AAB) where the return is filed. In places where there are no AABs, payments shall be 2304), if applicable;
made directly to the Revenue Collection Officer or duly Authorized City or Municipal
2. Certificate of Creditable Tax Withheld at Source (BIR Form 2307), if applicable;
Treasurer who shall issue Revenue Official Receipt (BIR Form 2524) therefor. 3. Duly approved Tax Debit Memo, if applicable;
4. Certificate of Tax Treaty relief, if any; and
Where the return is filed with an AAB, taxpayer must accomplish and submit BIR- 5. Summary Alphalist of Withholding Agents of Income Payments Subjected to
prescribed deposit slip, which the bank teller shall machine validate as evidence that payment
Withholding Tax at Source (SAWT), if applicable.
was received by the AAB. The AAB receiving the tax return shall stamp mark the word
“Received” on the return and also machine validate the return as proof of filing the return and
The quarterly income tax return does not have to be accompanied with Account
payment of the tax by the taxpayer, respectively. The machine validation shall reflect the date Information Form and/or Financial Statements.
of payment, amount paid and transactions code, the name of the bank, branch code, teller’s
code and teller’s initial. Bank debit memo number and date should be indicated in the return for
Note: All Background information must be properly filled up.
taxpayers paying under the bank debit system. § All returns filed by an accredited tax agent on behalf of a taxpayer shall bear the
following information:
For EFPS Taxpayer A. For CPAs and others (individual practitioners and members of GPPs);
The deadline for electronically filing and paying the taxes due thereon shall be in
a.1 Taxpayer Identification Number (TIN); and
accordance with the provisions of existing applicable revenue issuances.
a.2 Certificate of Accreditation Number, Date of Issuance, and Date of Expiry.
B. For members of the Philippine Bar (individual practitioners, members of GPPs);
Normal Rate of Income Tax b.1 Taxpayer Identification Number (TIN); and
The regular rates of income tax are as follows: b.2 Attorney’s Roll Number or Accreditation Number, if any
January 1 to October 31, 2005 ---------------------32% § Box Nos. 1, 2 and 3 refer to transaction period and not the date of filing this return.
November 01, 2005 to December 31, 2008 ------35% § The last 3 digits of the 12-digit TIN refers to the branch code.
January 1, 2009 and onwards ----------------------30% § TIN = Taxpayer Identification Number
ENCS
