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BusinessWorld May 10, 2021 | 5:49 pm (2nd of 2 parts) While we applaud the government for another piece of tax legislation which will help small businesses bounce back, the approval came too close to the April 15 deadline. This resulted in some confusion and an appeal to extend the deadline for the filing of the Annual Income Tax Return (AITR). Although many taxpayers, especially tax practitioners, lobbied for an extension, the Bureau of Internal Revenue (BIR) was quick to resolve the issue and decided not to extend. Other than allowing taxpayers to file and pay anywhere even outside the jurisdiction of the Revenue District Office (RDO) where they are registered, an AITR filed on or before the April 15 deadline may be amended not later than May 15. If the amended return will result in additional payment, no penalties shall be imposed as provided in RMC 46-2021 while any over-payment may be carried over as a tax credit in the succeeding period or may be refunded.

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