The Bureau of Internal Revenue (BIR) has reminded the public to file and pay their quarterly value added tax (VAT) returns on or before April 25.
BIR Commissioner Romeo Lumagui said in a statement that there will be no extension of the deadline.
Lumagui emphasized that the TRAIN Law mandates the simplification of the process for filing and paying VAT returns.
He said the BIR sees no reason why taxpayers should not comply with this obligation, as the BIR had already issued a call for compliance in January of this year.
Failure to submit VAT returns on time will result in the imposition of appropriate penalties.
Any individual or corporate taxpayer with any form of business and who has actual gross sales or receipts exceeding the P3 million threshold is required to file and pay their quarterly VAT returns.
He also reminded taxpayers that VAT collections play a significant role in the country’s economy and in the government’s key projects.