Get Form 2317

Apart from your tax due, you have to pay a 25% surcharge, a 20% interest per annum, and a compromise penalty. If you choose to neglect to file the return, there is a penalty of 50% of the tax due.

BIR Form 1701Q, also known as Quarterly Income Tax Return For Self-Employed Individuals, Estates and Trusts (Including those with both Business and Compensation Income) is a tax return intended for professionals and self-employed individuals who are engaged in a sole proprietorship business.

Who should file BIR Form 1701Q? BIR Form 1701Q is filed by individual income earners regardless of if resident citizen, non-resident citizen, resident alien, or non-resident alien. If non-resident citizen, resident alien, or non-resident alien, it covers all earning within the Philippines only.

The BIR Form 2307 should be issued to the payee on or before the 20th day of the month following the close of the taxable quarter when the accrual or payment was made, which ever came first. Upon request of the payee, however, the payor must furnish such statement to the payee simultaneously with the income payment.

A resident alien, non-resident citizen, or non-resident alien involved in business or practice of profession within the country, or. A trustee of a trust engaged in trade or business. A guardian of a minor engaged in trade or business.

– 1701Q (Quarterly Income Tax Return) – are income tax returns intended for self-employed individuals as well as professionals engaged in business. – 2551Q forms (Quarterly Percentage Tax Returns) – these taxes are applicable to those who are exempted from VAT, with annual sales that does not exceed 3,000,000 PHP.

Deadlines for filing BIR Form 1701, 1701A and 1700 The BIR requires that your Annual Income Tax Return must be filed on or before the 15th day of April each year. However, since April 15, 2023 falls on a weekend, the deadline has been extended to April 17, 2023.