FAQs | Evangeline A. Santos, CPA, CMA

What is the retention period of our books of accounts under the TRAIN law?

The TRAIN Law did not ament the retention period prescribed by Section 203 of the Tax code, as amended, and implemented by RR No. 17-2013.

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On the electronic submission of Alpha List, are there change in the formatting?

Yes, there are revisions in the formatting of the quarterly as well as the annual Alpha List. The Bureau shall issue an advisory on the availability of these formats and a memorandum circular for the procedures on its use.

For the creditable expanded withholding tax, are we still required to submit the Monthly Alphlist (MAP)?

No. The requirement is to submit a Quarterly Alphalist (QAP) as an attachment to the quarterly creditable/expandable withholding tax returns (form 1601EQ).

Are the partners of the general professional partnership (GPP) required to register as professionals? Can they opt to choose the 8%? Is there any special registration required?

Yes, they are required to register as professionals. However, there is no option to avail the 8% income tax rate since their distributive share in the income of the GPP is already the net of cost and expenses. No special registration is required.

For new forms like 1601EQ for quarterly remittance returns of creditable withholding tax, will there be an automatic updates on eFPS of the revised and new forms?

Yes, the revised and new forms will also be available in the eFPS. Kindly wait for the advisory for its availability either in hard copy, or in eBIRForms and finally in eFPS. There will be workaround procedures in case of system downtime.

What are the withholding tax forms that we can use? When are the due dates for their filing?

The matrix below shall serve as the tax payer’s guide on the withholding tax forms to use and their due dates:

If a taxpayer opts to use the graduated income tax rate on income from business or from practice of profession, when is the deadline for filing the 3% percentage tax?

If a taxpayer opted to use the graduated tax rate on professional income, he shall file a quarterly return of the amount of gross sales, receipts or earnings and pay the 3% percentage tax due thereon within twenty-five (25) days after the end of each taxable quarter.