New Income Tax Forms (BIR Forms 1700, 1701, 1702)

January 6, 2012 BANK BULLETIN NO. 01-12 TO : All BIR Authorized Agent Banks SUBJECT : New Income Tax Forms (BIR Forms 1700, 1701, 1702) All taxpayers who are required to file their annual Income Tax Returns under Section 51 (A) (1) of the Tax Code and those who are not required to file under Section 51 (A) (2) of the said Tax Code but who nevertheless opt to do so starting with taxable year ending December 31, 2011 which are due for filing on or before April 15, 2012, should use the following new Income Tax Forms pursuant to Revenue Regulations No. 19-2011: 1. BIR FORM 1700 (version November 2011) Annual Income Tax Return for Individuals Earning Purely Compensation Income (Annex "A"); 2. BIR FORM 1701 (version November 2011) Annual Income Tax Return for Self-Employed Individuals, Estates and Trusts (Annex "B");and 3. BIR FORM 1702 (version November 2011) Annual Income Tax Return for Corporation, Partnership and Other Non-Individual Taxpayer (Annex "C"). On the other hand, all juridical entities who are adopting the fiscal year of reporting income and expenses are likewise required to use the new BIR Form 1702 starting with the income tax returns covering fiscal year ending September 30, 2011 that are due to be filed on or before January 15, 2012 and thereafter. All Authorized Agent Banks are likewise hereby advised that annual income tax returns and tax payments covering taxable periods prior to the abovementioned dates shall be accepted using the old annual income tax forms. Please be advised accordingly. (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue ANNEX A Annual Income Tax Return For Individuals Earning Purely Compensation Income (Including Non-Business/Non-Profession Income) ANNEX B Annual Income Tax Return [ For Self-Employed Individuals, Estates and Trusts (including those with both Business and Compensation Income) ] ANNEX C Annual Income Tax Return For Corporation, Partnership and Other Non-Individual Taxpayer