Question & AnswerQ&A (LTFRB MEMORANDUM CIRCULAR NO. 2004-038)
The policy of the State is to promote sustainable economic growth through the rationalization of the Philippine internal revenue tax system including tax administration.
Every Filipino citizen, residing in or outside the Philippines, is required to file an income tax return on his income derived from sources within and without the Philippines.
No, individuals whose gross income does not exceed their total personal and additional exemptions for dependents are generally not required to file an income tax return, except if they are citizens of the Philippines or aliens engaged in business or practice of profession within the Philippines, in which case they must file regardless of income amount.
Individuals must file their income tax returns on or before April 15 of each year, covering income for the preceding taxable year.
Every domestic corporation shall file a true and accurate quarterly income tax return within sixty (60) days following the close of each of the first three quarters of the taxable year, and a final or adjustment return on or before April 15 or the fifteenth (15th) day of the fourth month following the close of the fiscal year.
Operators are required to submit their income tax returns duly received by the BIR on or before the last day of March of each year.
A penalty of One Thousand Pesos (Php 1,000.00) per year is imposed for failure to submit the income tax return on time.
The operator's unit or units shall not be confirmed for purposes of registration until and unless the required income tax return is filed.
Submission of income tax returns became a requirement starting 01 April 2005.
Failure to submit the income tax return shall be a cause for the dismissal of the Application or Petition.
Submission of the Tax Identification Number (TIN) became a requirement effective 01 January 2005.
The Circular took effect fifteen (15) days following the filing of three (3) copies with the UP Law Center, pursuant to Presidential Memorandum Circular No. 11, dated 09 October 1992.