BIR 1702 — Annual return for corporations

2014 Submit dates

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    Submit by For the period starting
  1. Tuesday, 15 April 2014 Tuesday, 1 January 2013










BIR 1702 — Quick facts

Purpose

Required by

To be submitted

Form download link

Print instructions

Submission steps

Payment instructions

Payable to

Due date

Notes

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BIR 1702 — Answers to your questions

1. What is the name of the 1702?

  • The name of the 1702 is "Annual Income Tax Return".

2. What is the purpose of the 1702?

  • The purpose of 1702 is to file the summary of profit tax for the year for corporation, partnership and other non-individual taxpayer. To be accompanied by the annual financial statements.

3. How do you submit the 1702?

  • To submit the form 1601-C, you must:
    1. Sign in black ink.
    2. Get all copies stamped upon payment.
    3. Take one stamped copy back for your own records.

4. When is the due date to submit the 1702?

  • The 1702 must be submitted on the 15th of April for those with tax year ending last day of December (If this day is a Saturday, Sunday or holiday, it must be submitted by the first working day AFTER.) Submit with annual filing.

5. When is the payment due for the 1702?

  • For any payment due on 1702, you must pay on or before submission. Either cash to selected Landbank branches, or by company check at selected branches of the bank where your check book was issued. See BIR accredited banks.

6. How many copies do you need to submit for the 1702?

  • For the 1702, you must submit 3 copies.

 Notes: Forms must be submitted in triplicate, portrait and in long bond (US folio) size.


7. What are the attachments required to submit 1702?

  • Companies are required to attach with the 1702, their Certificate of Income Payments not Subject to Withholding Tax (BIR form 2304), Certificate of Creditable Tax Withheld at Source (BIR form 2307), duly approved Tax Debit Memo, Certificate of Tax Treaty relief, summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax at Source (SAWT), Statement of Management's Responsibility (SMR) for Annual Income Tax Return and proof of other payments.

 See also: ftp://ftp.bir.gov.ph/webadmin1/pdf/599161702%20nov%202011%20BCB.pdf


8. What happens if the payment or filing for 1702 is late?

  • If the 1702 was filed late, a compromise penalty is charged plus, a surcharge of 25% for failure file and pay in full before the due date or a surcharge of 50% if there is a falsity or fraud discovery.

 Notes:

There shall be imposed and collected as part of the tax:

  1. A surcharge of twenty five 25% for each of the following violations:
    1. Failure to file any return and pay the amount of tax or installment due on or before the due dates;
    2. Unless otherwise authorized by the Commissioner, filing a return with a person or office other than those with whom it is required to be filed;
    3. Failure to pay the full or part of the amount of tax shown on the return, or the full amount of tax due for which no return is required to be filed, on or before the due date;
    4. Failure to pay the deficiency tax within the time prescribed for its payment in the notice of assessment.
  2. A surcharge of fifty 50% of the tax or of the deficiency tax, in case any payment has been made on the basis of such return before the discovery of the falsity or fraud, for each of the following violations:
    1. Willful neglect to file the return within the period prescribed by the code or by rules and regulations; or
    2. In case a false or fraudulent return is willfully made.
  3. Interest at the rate of 20% per annum on any unpaid amount of tax, from the date prescribed for the payment until it is fully paid.
  4. Compromise penalty

 See also: ftp://ftp.bir.gov.ph/webadmin1/pdf/599161702%20nov%202011%20BCB.pdf