BIR Form 2550M, also known as the Monthly Value-Added Tax Declaration is a form of sales tax that is imposed on the sale or exchange of goods and services in the Philippines. Serving as a form of indirect tax, VAT is passed on to the buyer who consumes the product or service.
Know more about BIR Form 2550M.
On January 13, 2023, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 5-2023. This declares the removal of BIR Form 2550-M and states that taxpayers registered for value-added tax (VAT) are no longer required to file a monthly VAT declaration (BIR Form No. 2550-M) for transactions starting January 1, 2023, and must instead file the corresponding quarterly value-added tax return (BIR Form 2550-Q) within twenty-five (25) days following the close of each taxable quarter when the transaction occurred.
The table below is also included in this RMC to assist taxpayers.
The full version of this issuance is available on the BIR website.
What happens if I'm a Juantax user?
We have added a banner to the tax form 2550M/Q to remind VAT-registered users about the BIR announcement.
As you can see, the drop-down menu now only displays the quarterly filing months. The complete list of months previously shown has now been removed.
If you have any further questions, please contact us via email or by clicking the chat icon in the lower-right corner of any JuanTax page, and we'll be happy to assist! 💬
Please check this Help Center article if you are entering VAT on Sales to Government for Periods 2020 and Older.
To read more about the RMC 36-2021, you may check our blog.