Revenue Regulation (R.R.) 11 -2020. Extension on the statutory deadlines and timelines for the filing and submission of any document and payment of taxes pursuant to Section 4 (z) of Republic Act No. 111460 otherwise known as “Bayanihan to Heal As One Act”.
As we prepare to go back to what they say the “New NORMAL”, let us not forget to take note of the tax returns that we still have to file and pay (yes, even if you were not able to get any sort of relief).
Below are the summarized new deadlines of some of the tax returns mostly filed by taxpayers using the calendar period:
Applicability of extended deadline:
The extended deadline shall apply throughout the Philippines.
Deadline due on a holiday or non – working day:
The latter portion of the Section 2 provides that should any of the deadline falls on a holiday or non – working day, then the submission and/or filing contemplated shall be made on the next working day. The following dates fall on a non – working day:
- May 30 – Saturday
- June 12- Independence day
- June 6-7 , 13-14, and 20 -21 (Saturdays and Sundays)
Provision for further extension:
Section 3 of R.R. 11 -2020 states that in case of any extension due to another quarantine extension Section 2 of R.R. 11 -2020 shall be allowed further extension of another fifteen (15) calendar days.
Penalties for non – filing and payment:
Be sure you to note of these deadline and allot money in paying your taxes as failure to file and pay shall mean a hefty penalty to be paid by your business which includes the following:
Additional surcharge of 25% and 12% interest on top of the basic tax due plus compromise penalties as prescribe in Revenue Memorandum Order 7-2015