Tax Alert No. 14 [Revenue Memorandum Circular (RMC) No. 29-2024 dated 26 February 2024]

Extension of the Deadline for the Submission of the Certificate of Compensation Payment/Tax Withheld (BIR Form No. 2316) and Clarifications in Relation Thereof

Please be informed that RMC No. 29-2024 was issued to extend the deadline of submission of the Bureau of Internal Revenue’s (BIR) copy of BIR Form No. 2316 from 28 February 2024 to 31 March 2024.

The BIR clarified that only the following documents shall be required by all Revenue District Offices:

1. Sworn Declaration (Annex “C”) under Revenue Regulations (RR) No. 2-2015; and
2. Certification of the List of Employees Qualified for Substituted Filing of their Income Tax Return (Annex “F’’) under RR No. 11-2018.

Moreover, the submission of copies of BIR Form No. 2316 without the signature of the concerned employee under RMC No. 18-2021 shall no longer be allowed, more particularly for those employees who are qualified for substituted filing.

Furthermore, those taxpayers who have already submitted the BIR’s copy of the said Certificate using the old format (2018 version) shall no longer re-submit using the new format (2021 version), provided that the computation of the withholding tax reflected in the said form is based on the 2023 income tax rates.

You may access the full version of this issuance through the BIR website.

For any inquiry or request for assistance, please feel free to contact anyone from our Tax Services group. You may also reach us through this link.