What is it?
BIR Form 2550Q, also known as the Quarterly Value-Added Tax Return, is a form of sales tax imposed on the sales 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/service.
Who needs to file it?
Individuals or businesses which sell or lease goods or services that are subject to VAT, and if the amount of their annual gross sales/receipts exceeds P3,000,000.00.
When do you file it?
Filing of Quarterly VAT returns should be on or before the 25th day following the close of each of the quarters of the taxable year.
How to File?
To file a BIR Form 2550-Q in Fast File, follow the steps below:
STEP 1: From your portal, click on the Start Return button.
STEP 2: Select Value-Added Tax Returns and hit Next.
STEP 3: Choose 2550Q, then click the Next button.
STEP 4: Select the date of the transaction that you wish to generate the report for from the Year and Quarter drop-down buttons, then click Next.
STEP 5: Enter all the necessary details in the Background Information section based on your BIR Certificate of Registration (COR / Form 2303).
Certain parts of the form are already pre-populated based on the information that you provided during the organization setup.
STEP 6: In the 3rd section of the form, you can enter your Tax Details and upload your Summary Lists of Sales and Purchases (SLSP) and Summary Alphalist of Withholding Tax (SAWT) attachments.
Note: Please keep in mind that filing an attachment with your BIR Form 2550-Q will incur an additional fee on top of the service fee per generation of forms.
Here’s what you need to know:
You can enter your data either in SAWT or through the Schedule.
If you choose to enter your source data in the Schedule, all data will be picked up from there moving forward and the manual entry of data in SAWT will automatically be disabled
If you choose to enter your data in SAWT, all data will flow directly from SAWT to the Schedule. All details will be consolidated but the fields inside will be disabled for manual entry. Adding, editing, and deleting information will no longer be allowed.
To upload your SAWT through the Schedule. Go to the Tax Credits/Payment section. Choose the appropriate Schedule then click the SAWT link next to its corresponding item.
a. Line 26B - for Schedule 6 SAWT
b. Line 26D - for Schedule 8 SAWT
Start adding your attachments:
i. Manually (by adding a line)
ii. Bulk import (using a CSV file)
i. Add Line - This button allows users to manually add the required information such as:
Registered Name(If non-individual)
Last Name(if an individual)
ii. Import SAWT Data - If you already have your SAWT file prepared, simply click the Browse button. If you don’t have one ready, you can also download the template from Fast File by clicking the blue text that says download
Map out the necessary fields.
That’s it! The importing of your data will keep running in the background which means you won't have to wait for it and you can move on to other tasks in the meantime.
Here are other Schedule modal functionalities that are worth checking:
A. Import Errors - this button lets you export the errors in your CSV file, allowing you to format the data in your CSV correctly before re-importing it back to Fast File.
B. Import Status - status of your import and errors in your import file will appear here.
C. Remove Selected - this button will allow you to select and delete a whole line of
data from your Schedule.
D. Reset 2307/2306 - this allows you to remove all the data inside the modal.
STEP 7: In the last section, Summary of Tax Due/Overpayment, you will get your Total Amount Payable by entering the Tax Still Payable/Overpayment (item 27) and adding applicable Penalties (items 28A to 28C).
Just like that! You can now proceed to the payment stage by clicking the Filing Option button located on the top-right part of the page.
Please take note that your tax forms will be sent electronically to the BIR until 9 pm. Any forms that will be sent beyond that filing deadline will be transmitted within the next business day.
BIR Form 2550-Q is straight-out simple to fill out and complete. Get started on your tax-compliance journey today and start filing at https://juan.tax/fast-file 🤗