The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) No. 52-2023 clarifying the guidelines in optional filing and payment of monthly VAT returns using BIR Form No. 2550M for VAT-registered taxpayers.
VAT registered persons may still choose to file their VAT returns and pay the corresponding VAT liabilities on a monthly basis if they deem so convenient. However, should they choose to the VAT return on a monthly basis, they are still required to file the quarterly VAT return and pay the corresponding VAT liabilities as mandated under the Tax Code.
No penalties shall arise if the taxpayer opts from switching to monthly/quarterly VAT filings and vice versa.
All relevant procedures and guidelines in the use of BIR Form No. 2550M shall continue to apply, except that there is no prescribed deadline for the filing of such form.
Source: www.bir.gov.ph
