GOODBYE, 2550M

Bureau of Internal Revenue issued Revenue Memorandum Circular No. 5-2023 regarding the implementation of the quarterly filing of VAT Returns starting January 1, 2023. VAT registered taxpayers are no longer required to file the Monthly VAT Declaration (BIR Form No. 2550M) but will instead file the corresponding Quarterly VAT Returns (BIR Form No. 2550Q) within twenty-five (25) days following the close of each taxable quarter.