Additional disclosure requirement in ITR, further deferred to CY 2013

The Bureau of Internal Revenue has further deferred to taxable year 2013 the requirement  for individuals to disclose their other income in the enhanced BIR income tax returns  (BIR Forms 1700 and 1701).  Thus, for taxable year 2012, the disclosure of supplemental information shall be optional for individual taxpayers who are required to file their income tax returns on or before April 15, 2013.

The disclosure requirement, however, shall become mandatory for income tax filing covering and starting calendar year 2013 for which a return is required to be filed in 2014. For this purpose, individual taxpayers are advised to keep evidence or records of their tax-exempt income and income which are subjected to final withholding tax in  2013 to ensure compliance with the disclosure requirements. 

(Revenue Memorandum Circular No. 21-2013, March 5, 2013)

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Punongbayan and Araullo