BIR Announces the Availability of the Revised Return for the Quarterly Value-Added Tax (BIR Form No. 2550Q)

On 19 May 2023, Bureau of Internal Revenue (“BIR”) issued Revenue Memorandum Circular No. 59-2023 which prescribed the newly revised return for the Quarterly Value-Added Tax (“VAT”), otherwise known as the BIR Form No. 2550Q, January 2023 (ENCS) version.

The return was revised in line with the amendments pursuant to Republic Act No. 10963 or the TRAIN Law, to wit: 

“Sec. 114. Filing of Return and Payment of VAT.

(A) In General. xxx That beginning January 1, 2023, the filing and payment required under this Subsection shall be done within twenty-five (25) days following the close of each taxable quarter. 

xxx

(C) Withholding of VAT. xxx That beginning January 1, 2021, the VAT withholding system shall shift from final to a creditable system xxx.”

and

“Sec. 110. Tax Credits. – “(A) Creditable Input Tax. xxx 

That the amortization of the input VAT shall only be allowed until December 31, 2021 after which taxpayers with unutilized input VAT on capital goods purchased or imported shall be allowed to apply the same as scheduled until fully utilized.

xxx”

The revised BIR Form is already available for download through the BIR website. However, it must be noted that the said BIR Form is not yet accessible through the Electronic Filing and Payment System (“eFPS”) and Electronic Bureau of Internal Revenue Forms (“eBIRForms”). Thus, eFPS/eBIRForms filers must continue to use the BIR Form No. 2550Q version available in the eFPS and in the Offline eBIRForms Package v7.9.4 in filing and paying their VAT payable/due. 

Meanwhile, manual filers shall download and print the PDF version of the revised BIR Form 2550Q and fill out all the applicable fields. Otherwise, penalties under Section 250 of the Tax Code, as amended, shall be imposed.