Tax Alert No. 27 [Revenue Memorandum Circular (RMC) No. 46-2021 dated 6 April 2021]

Clarifying the deadline for filing of annual income tax returns (AITR) for the taxable year ending 31 December 2020; providing guidelines in the manner of filing thereof, including the use of electronic signature; and reiterating availability of eAFS

The Commissioner of Internal Revenue has issued RMC No. 46-2021 dated 6 April 2021 clarifying that the deadline for filing of AITRs for the taxable year ending 31 December 2020 is not extended. The deadline for the filing of the said return remains to be on 15 April 2021.

Tentative AITRs may be filed on or before the set deadline and the return may be amended on or before 15 May 2021 without imposition of increments. Taxpayers whose amended returns will result in overpayment of taxes paid can opt to carry over the overpaid tax as credit against the tax due for the same tax type in the succeeding period or file for refund.

All tax returns, attachments and documents identified above can be signed by the taxpayer or its authorized officer or signatory through an electronic signature. Such electronic signature shall be deemed equivalent to an actual signature or "wet signature" for filing purposes.

The RMC also reiterated the availability of the eAFS Facility as an option in submitting hard copies of electronically filed AITR and its attachments.