Iris Perez | November 8, 2019
3 min read
Operating a business is a challenging process. You are not only dealing with the everyday operations of the business activities but as well as dealing with the proper regulatory compliance – one of this is the Quarterly Income Tax filing.
BIR Form 1702Q is a form for Quarterly filing for Industry other than Individual taxpayers (e.g., Partnerships and Corporations).
The image on the left is an example of the form.
Here are some tips in filing for your Quarterly Income Tax:
There are different ways on how to file for the quarterly income tax namely:
Manual filing – this is where you go to your nearest RDO (Revenue District Office) and ask for a copy of BIR form 1702Q and file it manually. You can also download the file just like the image presented above.
eBIRForms System– is an application from the BIR that gives the taxpayer the option to file their income taxes electronically. It is an offline version of filing but once you finish filling up everything, you still have to submit it online through the application itself. All you need is an internet connection. After submitting, you pay your tax through any AABs (Authorized Agent Banks)
You can download the application forms here: http://ftp.pregi.net/bir/ebirforms_package_v7.4.2.zip
EFPS – stands for (Electronic Filing and Payment System) is almost the same as eBIR forms but the advantage here is that you do not need to go to any AABs, instead you only pay through online using your bank account.
You can enroll for EFPS by sending a request letter to your RDO (Revenue District Office). It only takes several days to process your request.
Upon approval, just go to this link and follow the steps on the site for enrolment: https://efps.bir.gov.ph/
Please take note that BIR is transitioning to using electronic filing and using manual filing is gradually disregarded.
• Trade Name
• Proprietor or Operator
• Invoice / OR Number,
• Date of Transaction
• Details of Payment or Sales Transaction
• “Authority to Print” from the Bureau of Internal Revenue (BIR).
Note: Expense deduction is not applicable if the following are presented as supporting documents.
• Signed vouchers
• Ordinary receipts (those that are brought from the office supplies store)
• Acknowledgment Receipts
• Billing notice