New friends for your storage and filing cabinets, BIR Forms 1601EQ and 1601FQ.
Similarly, the Alphalist Data Entry & Validation Module version 6.0 was released by the BIR to include the QAP (Quarterly Alphalist of Payees). The new versions reflects changes in the tax rates pursuant to the Tax Reform Acceleration and Inclusion (TRAIN) Law, yet the format of the alphalist reports are generally the same. If you have long list of names to be included in QAP, try using a converter of excel format to DAT file so you won’t have to input in the module every data manually.
The filing of quarterly withholding tax returns BIR Forms Nos. 1601EQ and 1601FQ and payment of the taxes withheld at source shall be made not later than the last day of the month following the close of the quarter.
On the deadline of filing of the said forms, BIR issued a tax advisory clarifying that the amount to be indicated in the BIR Forms 1601EQ and 1601FQ is the total amount of taxes withheld for the calendar quarter which already includes the first two month of said quarter using BIR Form 0605 or the old withholding tax returns (BIR Forms 1601E and 1601F).
In case eFPS filers, have already remitted the creditable and/or final income taxes withheld for the third month of quarter using BIR Form 0605 or the old withholding tax returns, the remittances previously made shall be reflected in the quarterly remittance returns as follows:
Before the above tax advisory was released, I actually went to BIR to ask about how to reflect the payment already made for the third month. BIR officer-of-the-day told to reflect it on Field No. 23 of BIR Form No. 1601EQ, which is “Over-remittance from Previous Quarter of the same taxable year.” Yes, that does not sound reasonable because it is just the first quarter of 2018.
So he told me about another option which is to pay again for the third month through BIR Form 1601EQ and just reflect the over-payment on the next quarter as over-remittance. That does not sound a good idea if you do not have funds, but that’s what you would prefer to do because BIR won’t have anything against anyone who is giving them money in advance. It’s unfortunate that we were proactive enough at work that we already did the latter before the tax advisory was released.
Lesson learned: don’t rush things with newly met friends! 😉
Update (06/06/18): BIR released a tax advisory referring to amounts and taxpayer name not appearing on BIR Form Nos. 1601EQ and/or 1601FQ filed through eFPS. eFPS users are advised to refile and/or amend the said forms to be able to view and print the appropriate information. I say, it would be best to do the amendment to avoid unnecessary explanations during BIR audit, if any.