Filing for the 2nd quarter: 1601-EQ, 2550Q or 2551Q?

July 9, 2018 — Since we have currently reached the end of the 2nd quarter, the time to settle those quarterly taxes from the previous quarter begins!

With so many updates regarding the tax regulations in the past few months, you are probably scratching your head by now, wondering where to start and what forms to file next.

Here are some of the tax deadlines for the month of July:

July 20: Filing of 2550M, 2551Q, 2307

July 20, 2018 is the deadline for filing of the following tax forms:

• Filing and Payment of 2550M Forms (Monthly Value-Added Tax Declaration) for the month of June 2018. This deadline is intended only for non-eFPS filers.
• Filing as well as Payment/Filing and Payment of 2551Q (Quarterly Percentage Tax Return) for QE 30 June 2018. This is only applicable for those under sections 120 and 125 of the Tax Code.
• Issuance of Form 2307 (Certificate of Creditable Tax Withheld at Source), also for QE 30 June 2018.

July 23: Filing of 2550M — Group C, D, E

July 23, 2018 (Monday) marks the deadline for filing of Monthly Value-Added Tax (2550M) for June of 2018. Of course, this goes for Groups C, D, and E.

July 24: Filing of 2550M — Group B

Tuesday (July 24, 2018) focuses on filing of Monthly Value-Added Tax for those under Group B. This is also for June 2018.

July 25 : Filing and Payment/Filing and payment of 2551Q, Others

July 25, 2018 marks the date for both filing and payment of 2551Q (Quarterly Percentage Tax Return) tax forms. This is for those subject to Percentage Tax under Section 128(A)(1), in accordance with the Tax Code (for QE 30 June 2018).

As mentioned in one of BIR’s tax advisory, taxpayers who are subject to filing of percentage tax, as well as those who have changed their registration from VAT to non-VAT, shall already pay percentage taxes on a quarterly basis within 25 days after the end of each taxable quarter using the 2551Q tax form, thus removing the need for them to file on a monthly basis using 2551M.

Aside from 2551Q, this date also serves as the deadline for the following:

• Filing of 2550M for Group A (June 2018)
• Payment of 2550M for all eFPS filers (June 2018)
• Summary Lists of Sales and Purchases (SLSPs) for QE 30 (June 2018). This is for non-eFPS filers.

July 25 is also the deadline for filing and e-payment of 2550Q (Quarterly Value-Added Tax Return) for QE 30 (June 2018).

July 30: Filing and Submissions—1702Q, SLSPs

July 30, 2018 serves as the date for filing and e-payment of 1702Q forms (Quarterly Income Tax Return (For Corporations and Partnerships) for QE 31 (May 2018). This date also goes for the e-Submission of SLSPs for QE 30 (June 2018)—for eFPS filers.

July 31: Filing of Withholding Tax Forms

Aside from quarterly filing of percentage tax, July is also the deadline when it comes to filing of withholding taxes.

July 31, 2018 is the deadline for filing and e-payment of withholding tax forms such as 1601-EQ (Quarterly Remittance Return of Creditable Income Taxes Withheld) and 1601-FQ (Quarterly Remittance Return of Final Income Taxes Withheld).

As mentioned in Revenue Memorandum Circular No. 27-2018, 1601-EQ and 1601-FQ forms are replacing 1601-E and 1601-F as its main withholding tax forms. 0605 payment forms shall be replaced by 0619-E and 0619-F remittance forms, and amounts from those remittance forms should be reported within 1601-EQ and 1601-FQ forms.