Tax Alert No. 16 [Bank Bulletin No. 1-2024 dated 20 February 2024]

Acceptance of Tax Returns and Tax Payments by Authorized Agent Banks for Two Consecutive Saturdays and Extension of Banking Hours During the Period from 01 April to 15 April

In light of the upcoming income tax filing deadline on 15 April 2024, the Bureau of Internal Revenue is reminding all Authorized Agent Banks (AABs):

• To open and accept tax returns/tax payments on 06 April 2024 and 13 April 2024, the two Saturdays immediately preceding 15 April 2024;
• To extend banking hours up to 5:00 PM for the period 01 April 2024 to 15 April 2024;
• To report all income tax payments accepted on 06 April and 13 April in the Batch Control Sheet (BCS) as collection for the following working day, 08 April and 15 April, respectively; and
• To comply with existing procedures with respect to the machine validation of Annual Income Tax Returns (ITRs) in the deposit slips for the tax collections and the submissions of the BCS together with the supporting ITRs and attachments.

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.