The new 2551Q Form now has a field where you can indicate whether you’re opting for the 8% Flat Income Tax Rate. Also, SPOILER ALERT: 2551Q is not yet updated on eBIRForms and eFPS.
So for the procrastinators who put off their tax filing until the very last day of the deadline, congratulations! 😉
For the rest of us, it’s unlikely that the BIR will penalize us for not using the new 2551Q form when we submitted given the timing when they released this RMC. Moving forward, though, we have to make sure we’re filing this new one. The next deadline is on July 2018.
While we’re on the topic, if you missed filing your 2551Q, then you may no longer be eligible for the 8% Flat Income Tax Rate anymore. Basing on RR 08-2018, you had to make sure you filed your 2551Q on time. You can read more about our breakdown of that RR and how to opt in to 8% by visiting this article.
Having said that, there is a glimmer of hope. We noticed that the RDO’s are implementing things differently. If so, perhaps your RDO doesn’t see missing your 2551Q filing as a reason for ineligibility. To be sure, it would be best to call your RDO.
We here at Taxumo are constantly updating ourselves with the latest forms and procedures so you don’t have to! Sign up to Taxumo now to start focusing on your passion instead of worrying about your taxes!