BIR Lays Out Plans for Faster Processing of Returns during Tax Filing Period

Don't wait for the deadline. File your ITRs ASAP

The Bureau of Internal Revenue has issued Bank Bulletin 2011-11 to all its Accredited Agent Banks (AABs) in preparation for the Income Tax Filing period to simplify and provide a faster processing of transactions.  Starting April 1 to 15^th 2011 all AABs of the BIR are required to extend banking hours for tax payments and assign additional personnel to ensure the servicing of all taxpayers for the 2010 tax filing season.

Likewise, AABs are mandated to be in operations for two Saturdays immediately prior to April 15^th deadline in the submission of 2010 Income Tax Returns (ITRs). Banks will open on March 26 in place of the coming Saturday (April 2) which is a holiday in observance of the “Araw ng Kagitingan” celebration.

Authorized Banks were reminded not to refuse accepting tax payments from taxpayers who are already within the bank premises by the close of the said extended banking hours during the said period.

AABs are now only required to officially stamp three (3) copies of income tax returns. Any excess copies shall not be received by the AAB.

Except for corporations and other juridical persons, the AABs are instructed to stamped “RECEIVED” in at least two (2) extra copies of the audited financial statements for filing with the Securities and Exchange Commission (SEC).

Clarifying this further, financial statement to the income tax return shall be stamped only on the page of the Audit Certificate, the Balance Sheet and the Income Statement based on the agreement of BIR and SEC. Other pages of the financial statements and its attachments “need not” be stamped received.

BIR Authorized Banks were also informed and shall now accept photocopies or “Xeroxed” forms or computer generated / printed BIR Forms in place of officially printed forms, provided that the forms are “originally filled up” and signed by the taxpayer or duly authorized representative.

Furthermore, BIR Commissioner Kim S. Jacinto-Henares signed a memorandum allowing the acceptance of “Out-of-District” Returns only for the members of the Armed Forces of the Philippines (AFP), Philippine National Police (PNP), and Public School Teachers / Professors / Instructors. These taxpayers need only to present their official ID or other proof to show that they are members of the said organizations to the concerned AAB or Revenue Collection Officer (RCO).

Lastly, BIR reminds all taxpayers “Magbayad ng Maaga ng Hindi Maabala”.