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. 2550M) 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 Fast File user?
We've also added a banner to the tax form 2550M/Q to remind VAT-registered users about the BIR announcement, and we've removed the year 2023 from the drop-down menu entirely.
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! 💬