Possible ITR deadline extension and filing reminders

The April 15 deadline for filing annual income tax returns (ITRs) is fast approaching and taxpayers are waiting for announcements from the Bureau of Internal Revenue (BIR) whether the said deadline will be extended. Last year, the deadline was extended twice in light of the restrictions and quarantine measures implemented by the Philippine government due to the coronavirus disease 2019 (Covid-19) pandemic.

Last week, news came out that the BIR will extend the deadline for the filing of annual ITRs for corporate taxpayers. One news article quoted a Viber message from Arnel SD Guballa, deputy commissioner for operations at the BIR, who said, “ITR filing for corporates will be extended due to Covid-19 and Create (Corporate Recovery and Tax Incentives for Enterprises Act).” This suggests that an extension is imminent due to the current surge in Covid-19 cases and the President signing of Create into law, which would bring down corporate income tax (CIT).