Amendment to Filing Deadlines
- Section 45(c) of the National Internal Revenue Code was amended to establish two separate deadlines for individual income tax returns:
- March 15 Deadline: For individuals who derive income solely from fixed sources such as salaries, wages, interests, dividends, allowances, commissions, bonuses, fees, pensions, or any combination thereof.
- Includes residents of the Philippines, whether citizens or aliens.
- Also includes residents with either no income, income below Php 1,800, or no business transactions for gain during the prior year but are still required to file a return.
- April 15 Deadline: For all other individuals including nonresident citizens whose income does not fall into the fixed category.
Scope and Application
- The amendment specifically targets individual taxpayers with fixed income as defined.
- Extends to all residents of the Philippines regardless of citizenship status.
- Applies to income tax returns covering the preceding taxable year.
Implementation and Regulatory Authority
- The Secretary of Finance, upon recommendation from the Commissioner of Internal Revenue, is tasked to promulgate necessary implementing rules and regulations.
Effective Date
- The amendment is applicable starting with income tax returns for the taxable year 1973.
Corollary Measures
- Proclamation No. 1239 declared March as "Tax Consciousness Month" to reinforce public awareness regarding taxation and compliance with the new filing deadline.
- Revenue Regulations No. 1-74 issued by the Bureau of Internal Revenue provided specific guidelines regarding the dates for filing individual income tax returns in light of this amendment.