This is in line with Section 37 of R.A. No. 10963 or the “TRAIN LAW,” amending certain provisions of Section 114(A) of the Tax Code of 1997, as amended, and as implemented under Section 4-114-1(A) of Revenue Regulations No. 13-2018, which provided that “beginning January 1, 2023, the filing and payment required under this Subsection shall be done within Twenty-five (25) days following the close of each taxable quarter.” In this regard, VAT-registered taxpayers are no longer required to file the Monthly Value-Added Tax Declaration (BIR Form No. 2550M) for transactions starting January 1, 2023 but will instead file the corresponding Quarterly Value-Added Tax Return (BIR Form No. 2550Q) within twenty-five (25) days following the close of each taxable quarter when the transaction transpired.
For more information, you may refer to Revenue Memorandum Circular No. 5 -2023 which can be viewed at the BIR website at www.bir.gov.ph. (PR)