Tax Blog – New Requirements on ITR Substituted Filings

June 11, 2013
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Employees who are qualified for substituted filings are no longer required to file Income Tax Return with the Bureau of Internal Revenue (BIR). However, the employer should furnish the employees with the original and duplicate copies of BIR Form No. 2316 or Certificate of Compensation Payment/Tax Withheld on or before January 31 of the succeeding calendar year, or if employment is terminated before the close of such calendar year, on the day on which the last payment of compensation was made.

Substituted filing applies only if all of the following circumstances are present:

  • The employee receives purely compensation income (regardless of amount) during the taxable year;
  • The employee receives income only from one employer during the taxable year;
  • The amount of tax due from the employee at the end of the year equals the amount of tax withheld by the employer;
  • The employee’s spouse also complies with all three conditions stated above.

Beginning the calendar year 2013, employers are now required to file/submit to the BIR the duplicate copy of the BIR Form No. 2316 not later than February 28 following the close of the calendar year.

If you need assistance on the preparation of your tax returns or any tax consulting matters, kindly contact Triple i Consulting.

By: Atty Marissa Yambao CPA

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