Difference between revisions of "BIR Form 2550M"

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'''BIR Form 2550M''' refers to the Monthly Value-Added Tax Declaration of the Company. It is a form of sales tax which is imposed on sales or exchange of goods and services in the Philippines in a monthly basis. [[File:BIR Form 2550M.png|center|thumb|3436x3436px|BIR Form 2550M]]BIR Form 2550M Terms on Oojeema Prime System
 
'''BIR Form 2550M''' refers to the Monthly Value-Added Tax Declaration of the Company. It is a form of sales tax which is imposed on sales or exchange of goods and services in the Philippines in a monthly basis. [[File:BIR Form 2550M.png|center|thumb|3436x3436px|BIR Form 2550M]]BIR Form 2550M Terms on Oojeema Prime System
  
#Month/Year - Month and year when the BIR Form 2550M is issued.
+
#'''Month/Year''' - Month and year when the BIR Form 2550M is issued.
#Amended Return - is filed to make corrections, additions or omissions to returns already declared, provided they have not yet been issued letters of authority from the BIR.
+
#'''Amended Return''' - is filed to make corrections, additions or omissions to returns already declared, provided they have not yet been issued letters of authority from the BIR.
#Number of Sheets - Number of Attached Sheets declared when submitting the BIR Form 2550M '''Background Information'''
+
#'''Number of Sheets''' - Number of Attached Sheets declared when submitting the BIR Form 2550M
#TIN - Tax Identification Number of the Company/Branch
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#'''TIN''' - Tax Identification Number of the Company/Branch
#RDO Code - Regional District Office Code is a three-digit numeric or alphanumeric code assigned to each RDO in the country. The BIR uses these codes for tracking the amount of tax collection within a particular region, as well as recording and processing tax returns, tax payments, and withholding taxes.
+
#'''RDO Code''' - Regional District Office Code is a three-digit numeric or alphanumeric code assigned to each RDO in the country. The BIR uses these codes for tracking the amount of tax collection within a particular region, as well as recording and processing tax returns, tax payments, and withholding taxes.
#Line of Business - Nature of Business of the Company
+
#'''Line of Business''' - Nature of Business of the Company
#Tax Payer's Name - Registered Name for Non-Individual(Company) and Whole name for Individual
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#'''Tax Payer's Name''' - Registered Name for Non-Individual(Company) and Whole name for Individual
#Telephone Number - Contact Number of the Tax Payer
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#'''Telephone Number''' - Contact Number of the Tax Payer
#Registered Address - The registered Address of the Tax Payer.
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#'''Registered Address''' - The registered Address of the Tax Payer.
#Zip Code - Zip Code of the Tax Payer. This is depending on the registered address of the Tax Payer
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#'''Zip Code''' - Zip Code of the Tax Payer. This is depending on the registered address of the Tax Payer
#Tax Relief - Tax relief is any government program or policy initiative that is designed to reduce the amount of taxes paid by individuals or businesses. This can be under: Special Law or International Tax Treaty. '''Computation of Tax'''
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#'''Tax Relief''' - Tax relief is any government program or policy initiative that is designed to reduce the amount of taxes paid by individuals or businesses. This can be under: Special Law or International Tax Treaty.
#Vatable Sales/Receipt-Private (Schedule 1) - Tax Applied for Sales and receipts
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#'''Vatable Sales/Receipt-Private''' (Schedule 1) - Tax Applied for Sales and receipts
#Sales To Government - Tax Applied for Sales transaction to Government
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#'''Sales To Government''' - Tax Applied for Sales transaction to Government
#Zero Rated Sales/Receipts - Sales that does not impose any VAT
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#'''Zero Rated Sales/Receipts''' - Sales that does not impose any VAT but allows credits for the value-added tax paid on inputs.
#Exempt Sales/Receipts - the government doesn't tax the sale of the good, but producers cannot claim a credit for the VAT they pay on inputs to produce it.
+
#'''Exempt Sales/Receipts''' - the government doesn't tax the sale of the good, but producers cannot claim a credit for the VAT they pay on inputs to produce it.
#Total Sales/Receipts and Output Tax Due - Total Value of Tax Types Mentioned from Vatable Sales up to Exempt Sales
+
#'''Total Sales/Receipts and Output Tax Due''' - Total Value of Tax Types Mentioned from Vatable Sales up to Exempt Sales
#Less: Allowable Input Tax - Any value from the Tax due or added during the course of the Tax Payer's Business
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#'''Less: Allowable Input Tax''' - Any value from the Tax due or added during the course of the Tax Payer's Business
#*17A Input Tax Carried Over from Previous Period - Any Tax override or due from the previous period
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#*'''17A Input Tax Carried Over from Previous Period''' - Any Tax override or due from the previous period
#*17B <span style="color: rgb(51, 51, 51)">Input Tax Deferred on Capital Goods Exceeding P1Million from Previous Period</span> - Any amount that is not due until its invoices are paid which should not exceed to 1 Million Pesos.
+
#*'''17B <span style="color: rgb(51, 51, 51)">Input Tax Deferred on Capital Goods Exceeding P1Million from Previous Period</span>''' - Any amount that is not due until its invoices are paid which should not exceed to 1 Million Pesos.
#*17C Transitional Input Tax - The transitional input tax credit operates to benefit newly VAT-registered persons, whether or not they previously paid taxes in the acquisition of their beginning inventory of goods, materials and supplies
+
#*'''17C Transitional Input Tax''' - Tax Value amount from items that is Non VAT to VAT
#*17D Presumptive Input Tax - the input tax is presumed to have been paid on goods or properties which were heretofore not subject to VAT
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#*'''17D Presumptive Input Tax''' - Tax Value amount from domestic purchases or importations.
#*17E Others - Other Tax to be deducted.
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#*'''17E Others''' - Other Tax to be deducted.
#*17F Total (Sum of Item 17A, 17B, 17C, 17D & 17E) - Total Allowable Input Tax to be deducted.
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#*'''17F Total (Sum of Item 17A, 17B, 17C, 17D & 17E)''' - Total Allowable Input Tax to be deducted.
 
#Current Transactions - Any active transactions to be reported on the Form.
 
#Current Transactions - Any active transactions to be reported on the Form.
#*18A/B Purchase of Capital Goods not exceeding P1Million (Schedule 2) - Any Asset purchased that is not exceeding within 1 Million Pesos.
+
#*'''18A/B Purchase of Capital Goods not exceeding P1Million (Schedule 2)''' - amount of creditable input tax for Capital Goods Purchases that will not exceed to 1 Million Pesos.
#*18C/D Purchase of Capital Goods exceeding P1Million (Schedule 2) - Any Asset purchased which will be exceeding 1 Million Pesos
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#*'''18C/D Purchase of Capital Goods exceeding P1Million (Schedule 2)''' - Input Tax value of Purchased Capital Goods to be defer that exceeds 1 Million Pesos.
#*18E/F Domestic Purchases of Goods other than capital goods - Any purchases or assets within the nation.
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#*'''18E/F Domestic Purchases of Goods other than capital goods''' - Input Tax Value for Domestic Purchases of Goods excluding the Capital Goods.
#*18G/H Importation of Goods Other than Capital Goods - Any imports purchased by the company
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#*'''18G/H Importation of Goods Other than Capital Goods''' - Input Tax Value for Importation of Goods excluding the Capital Goods.
#*18I/J Domestic Purchases of Services - Any purchases of services within the nation
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#*'''18I/J Domestic Purchases of Services''' - Input Tax for Purchases of Services.
#*18K/L Services rendered by Non-residents - Any Transactions with regards to services rendered by the Non-Resident of the country
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#*'''18K/L Services rendered by Non-residents''' - Input Tax of Services rendered from foreign individuals.
#*18M Purchases Not Qualified for Input Tax - Any purchases that does not applied to any form of tax
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#*'''18M Purchases Not Qualified for Input Tax''' - Any purchases that does not applied to any form of tax
#*18N/O Others - Any declared miscellaneous transactions.
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#*'''18N/O Others''' - Any declared miscellaneous transactions.
#*18P Total Current Purchases (Sum of item 18A,18C,18E,18G,18I,18K,18M&18N) - Overall Total of Current Declared Transactions
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#*'''18P Total Current Purchases (Sum of item 18A,18C,18E,18G,18I,18K,18M&18N)''' - Overall Total of Current Declared Transactions
#Total Available Input Tax (Sum of Item 20F, 21B, 21D, 21F, 21H, 21J, 21L,&21O) - Overall Total of Available Input Tax declared.
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#'''Total Available Input Tax''' (Sum of Item 20F, 21B, 21D, 21F, 21H, 21J, 21L,&21O) - Overall Total of Available Input Tax declared.
#Less: Deductions from Input Tax - Any Input Tax declared to be deducted.
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#'''Less: Deductions from Input Tax''' - Any Input Tax declared to be deducted.
#*20A Input Tax on Purchases of Capital Goods exceeding P1Million deferred for succeeding period (Schedule 3) - Any Tax to be applied for Capital Good Expenses that will be carry over for the next set of periods
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#*'''20A Input Tax on Purchases of Capital Goods exceeding P1Million deferred for succeeding period (Schedule 3)''' - Any Tax to be applied for Capital Good Expenses that will be carry over for the next set of periods
#*20B Input Tax on Sale to Govt. closed to expense (Schedule 4) - Any Tax applied to the Sale to Government
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#*'''20B Input Tax on Sale to Govt. closed to expense (Schedule 4)''' - Any Tax applied to the Sale to Government
#*20C Input Tax allocable to Exempt Sales (Schedule 4) - Tax Value for Exempt Sales
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#*'''20C Input Tax allocable to Exempt Sales (Schedule 4)''' - Tax Value for Exempt Sales
#*20D VAT Refund/TCC claimed - any Value Added Tax Refund to be claimed
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#*'''20D VAT Refund/TCC claimed''' - any Value Added Tax Refund to be claimed
#*20E Others - Any declared miscellaneous Tax Applied
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#*'''20E Others''' - Any declared miscellaneous Tax Applied
#*20F Total (Sum of Item 20A, 20B,20C,20D & 20E) - Total Amount of Input Tax to be Deducted
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#*'''20F Total (Sum of Item 20A, 20B,20C,20D & 20E)''' - Total Amount of Input Tax to be Deducted
#Total Allowable Input Tax (Item 19 less Item 20F) - remaining Available Input Tax based from the Total Input Tax Less the deductions Declared from input tax.
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#'''Total Allowable Input Tax (Item 19 less Item 20F)''' - remaining Available Input Tax based from the Total Input Tax Less the deductions Declared from input tax.
#Net VAT Payable (Item 16B less Item 21) - Net Amount of Value Added Tax Payable based from Total Sales/Receipts and Output Tax Due less the Total Allowable Input Tax.
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#'''Net VAT Payable (Item 16B less Item 21)''' - Net Amount of Value Added Tax Payable based from Total Sales/Receipts and Output Tax Due less the Total Allowable Input Tax.
#Less: Tax Credits/Payments - A tax credit is an incentive that lets a taxpayer subtract a set amount from their local, state, or federal tax liability.
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#'''Less: Tax Credits/Payments''' - A tax credit is an incentive that lets a taxpayer subtract a set amount from their local, state, or federal tax liability.
#*23A Creditable Value-Added Tax Withheld (Schedule 6) - Creditable withholding tax is an advance income tax of the payee. This would mean that even before filing the income tax return in the Philippines, the taxpayer had already remitted portion of its income tax liability through the payor who withheld and remitted the same to the BIR.
+
#*'''23A Creditable Value-Added Tax Withheld (Schedule 6)''' - Creditable withholding tax is an advance income tax of the payee. This would mean that even before filing the income tax return in the Philippines, the taxpayer had already remitted portion of its income tax liability through the payor who withheld and remitted the same to the BIR.
#*23B Advance Payments for Sugar and Flour Industries (Schedule 7) - Any tax to be paid in advance for Sugar and Flour Industries
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#*'''23B Advance Payments for Sugar and Flour Industries (Schedule 7)''' - Any tax to be paid in advance for Sugar and Flour Industries
#*23C VAT Withheld on Sales to Government (Schedule 8) - Any Value added Tax Credits withheld on Sales to Government
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#*'''23C VAT Withheld on Sales to Government (Schedule 8)''' - Any Value added Tax Credits withheld on Sales to Government
#*23D VAT paid in return previously filed, if this is an amended return - Value added Tax paid in case the form to be submitted is for an Amended Return
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#*'''23D VAT paid in return previously filed, if this is an amended return''' - Value added Tax paid in case the form to be submitted is for an Amended Return
#*23D Advance Payments made (please attach proof of payments - BIR Form No. 0605) - Any Advance payments applied based from BIR Form 0605
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#*'''23D Advance Payments made (please attach proof of payments - BIR Form No. 0605)''' - Any Advance payments applied based from BIR Form 0605
#*23F Others
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#*'''23F Others'''
#*23G Total Tax Credits/Payments (Sum of Item 23A,23B,23C,23D,23E & 23F) - Total Tax Credits to be deducted
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#*'''23G Total Tax Credits/Payments (Sum of Item 23A,23B,23C,23D,23E & 23F)''' - Total Tax Credits to be deducted
#Tax Still Payable/(Overpayment)(Item 22 less Item 23G) - Remaining Tax Payable base from Net VAT Payable less the Tax Credits Applied.
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#'''Tax Still Payable/(Overpayment)(Item 22 less Item 23G)''' - Remaining Tax Payable base from Net VAT Payable less the Tax Credits Applied.
#Penalties
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#'''Penalties'''
#*25A Surcharge - is a one-time penalty applicable for each and every failure to pay the tax.
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#*'''Surcharge(28A)'''
#*25B Interest - Additional Amount to be paid base from the less tax to be paid originally than intended.
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#**Surcharge of twenty five percent (25%)
#*25C Compromise - Any amount to be paid for case liabilities.
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#***Failure to file any return and pay the amount of tax or installment due on or before the due date;
#<span style="color: rgb(51, 51, 51)">Total Amount Payable/(Overpayment) (Sum of Item 24 & 25D)</span> - Total Payable base from Tax Payable less the Penalties
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#***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.
#President/Vice President/Principal Officer/Accredited Tax Agent/Authorized Representative/Taxpayer. (Signature Over Printed Name) - Person to be liable and Authorize when submitting the Form
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#***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 filled on or before the due date.
#*Title/Position of Signatory - Position of the Liable Person
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#***Failure to pay the deficiency tax within the time prescribed for its payment in the notice of assessment.
#*Tin of Signatory - Tin Number of the Liable Person
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#**Surcharge of fifty percent (50%) of the tax in case any payment has been made on the basis of such return before the discovery of the falsity or fraud
#*Tax Agent Acc#/Atty's Roll #. (if applicable) - Attorney or Agent that is confidant with the liable Person
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#***Willful neglect to file in return within the period prescribed by the Code or by rules and regulations
#*Date of Issue - Date when the Liable Person signed the Form
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#***In case a false or fraudulent return is willfully made.
#*Date of Expiry - Date when the Form will be Expired when not submitted
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#*'''Interest(28B)'''
#Treasurer/Assistant Treasurer (Signature Over Printed Name) - Treasurer that is assigned to assist the liable person
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#**Interest at the Rate of twenty percent(20%) per annum or any Unpaid amount of Tax, from the date prescribed for the Payment until the amount is fully Paid.
#*Treasurer/Assistant Treasurer (Signature Over Printed Name) - Treasurer that is assigned to assist the liable person who counter checks the Form before submitting
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#*'''Compromise(28C)'''
#*Title/Position of Signatory - Title or Position of the Treasurer
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#**Any amount to be paid for case liabilities.
#*TIN of Signatory - TIN of the Treasurer
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#<span style="color: rgb(51, 51, 51)">'''Total Amount Payable/(Overpayment) (Sum of Item 24 & 25D)'''</span> - Total Payable base from Tax Payable less the Penalties
 +
#'''President/Vice President/Principal Officer/Accredited Tax Agent/Authorized Representative/Taxpayer. (Signature Over Printed Name)''' - Person to be liable and Authorize when submitting the Form
 +
#*'''Title/Position of Signatory'''
 +
#*'''Tin of Signatory'''
 +
#*'''Tax Agent Acc#/Atty's Roll #. (if applicable)'''
 +
#*'''Date of Issue'''
 +
#*'''Date of Expiry'''
 +
#'''Treasurer/Assistant Treasurer''' (Signature Over Printed Name) - Person responsible on facilitating the Tax and Cost report inside the Form.
 +
#*'''Treasurer/Assistant Treasurer''' (Signature Over Printed Name)  
 +
#*'''Title/Position of Signatory'''
 +
#*'''TIN of Signatory'''
  
 
Notes:
 
Notes:
  
* Grey fields are auto-generated and will automatically adjust based on the input of the user.
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*Grey fields are auto-generated and will automatically adjust based on the input of the user.
* For detailed instructions on how to use the BIR Form 2550M, the user may visit the Job Aids which can be found [[BIR Form 2550M|here]]
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*For detailed instructions on how to use the BIR Form 2550M, the user may visit the Job Aids which can be found [[BIR Form 2550M|here]]
  
 
======BIR Form 2550M Schedule List======
 
======BIR Form 2550M Schedule List======
[[File:BIR Form 2550M Schedule List.png|center|thumb|1138x1138px|BIR Form 2550M Schedule List]]
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[[File:BIR Form 2550M Schedule List.png|center|thumb|1138x1138px|BIR Form 2550M Schedule List]]Notes:
 +
 
 +
*Schedules are detailed reference of Sales and Transactions for the BIR Forms. It is usually filled up when filing on EBIR or E-Filing and Payment System(EFPS)
  
 
======BIR Form 2550M ATC List======
 
======BIR Form 2550M ATC List======
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|- style="box-sizing: inherit;"
 
|- style="box-sizing: inherit;"
 
| style="" |Maintenance Aids
 
| style="" |Maintenance Aids
| style="" |[[ATC Codes Aids]]<nowiki> | </nowiki>[[Branch Aids]]<nowiki> | </nowiki>[[Customer Aids]]<nowiki> | </nowiki>[[Tax Aids]]
+
| style="" |[[ATC Codes Aids]]<nowiki> | </nowiki>[[Branch Aids]]<nowiki> | </nowiki>[[Company]]<nowiki> | </nowiki>[[Tax Aids]]
 
|- style="box-sizing: inherit;"
 
|- style="box-sizing: inherit;"
 
| colspan="2" style="vertical-align:middle;text-align:center;" |'''Reports Module([[Reports]])'''
 
| colspan="2" style="vertical-align:middle;text-align:center;" |'''Reports Module([[Reports]])'''

Revision as of 13:58, 19 February 2021

BIR Form 2550M

BIR Form 2550M refers to the Monthly Value-Added Tax Declaration of the Company. It is a form of sales tax which is imposed on sales or exchange of goods and services in the Philippines in a monthly basis.

BIR Form 2550M Terms on Oojeema Prime System

  1. Month/Year - Month and year when the BIR Form 2550M is issued.
  2. Amended Return - is filed to make corrections, additions or omissions to returns already declared, provided they have not yet been issued letters of authority from the BIR.
  3. Number of Sheets - Number of Attached Sheets declared when submitting the BIR Form 2550M
  4. TIN - Tax Identification Number of the Company/Branch
  5. RDO Code - Regional District Office Code is a three-digit numeric or alphanumeric code assigned to each RDO in the country. The BIR uses these codes for tracking the amount of tax collection within a particular region, as well as recording and processing tax returns, tax payments, and withholding taxes.
  6. Line of Business - Nature of Business of the Company
  7. Tax Payer's Name - Registered Name for Non-Individual(Company) and Whole name for Individual
  8. Telephone Number - Contact Number of the Tax Payer
  9. Registered Address - The registered Address of the Tax Payer.
  10. Zip Code - Zip Code of the Tax Payer. This is depending on the registered address of the Tax Payer
  11. Tax Relief - Tax relief is any government program or policy initiative that is designed to reduce the amount of taxes paid by individuals or businesses. This can be under: Special Law or International Tax Treaty.
  12. Vatable Sales/Receipt-Private (Schedule 1) - Tax Applied for Sales and receipts
  13. Sales To Government - Tax Applied for Sales transaction to Government
  14. Zero Rated Sales/Receipts - Sales that does not impose any VAT but allows credits for the value-added tax paid on inputs.
  15. Exempt Sales/Receipts - the government doesn't tax the sale of the good, but producers cannot claim a credit for the VAT they pay on inputs to produce it.
  16. Total Sales/Receipts and Output Tax Due - Total Value of Tax Types Mentioned from Vatable Sales up to Exempt Sales
  17. Less: Allowable Input Tax - Any value from the Tax due or added during the course of the Tax Payer's Business
    • 17A Input Tax Carried Over from Previous Period - Any Tax override or due from the previous period
    • 17B Input Tax Deferred on Capital Goods Exceeding P1Million from Previous Period - Any amount that is not due until its invoices are paid which should not exceed to 1 Million Pesos.
    • 17C Transitional Input Tax - Tax Value amount from items that is Non VAT to VAT
    • 17D Presumptive Input Tax - Tax Value amount from domestic purchases or importations.
    • 17E Others - Other Tax to be deducted.
    • 17F Total (Sum of Item 17A, 17B, 17C, 17D & 17E) - Total Allowable Input Tax to be deducted.
  18. Current Transactions - Any active transactions to be reported on the Form.
    • 18A/B Purchase of Capital Goods not exceeding P1Million (Schedule 2) - amount of creditable input tax for Capital Goods Purchases that will not exceed to 1 Million Pesos.
    • 18C/D Purchase of Capital Goods exceeding P1Million (Schedule 2) - Input Tax value of Purchased Capital Goods to be defer that exceeds 1 Million Pesos.
    • 18E/F Domestic Purchases of Goods other than capital goods - Input Tax Value for Domestic Purchases of Goods excluding the Capital Goods.
    • 18G/H Importation of Goods Other than Capital Goods - Input Tax Value for Importation of Goods excluding the Capital Goods.
    • 18I/J Domestic Purchases of Services - Input Tax for Purchases of Services.
    • 18K/L Services rendered by Non-residents - Input Tax of Services rendered from foreign individuals.
    • 18M Purchases Not Qualified for Input Tax - Any purchases that does not applied to any form of tax
    • 18N/O Others - Any declared miscellaneous transactions.
    • 18P Total Current Purchases (Sum of item 18A,18C,18E,18G,18I,18K,18M&18N) - Overall Total of Current Declared Transactions
  19. Total Available Input Tax (Sum of Item 20F, 21B, 21D, 21F, 21H, 21J, 21L,&21O) - Overall Total of Available Input Tax declared.
  20. Less: Deductions from Input Tax - Any Input Tax declared to be deducted.
    • 20A Input Tax on Purchases of Capital Goods exceeding P1Million deferred for succeeding period (Schedule 3) - Any Tax to be applied for Capital Good Expenses that will be carry over for the next set of periods
    • 20B Input Tax on Sale to Govt. closed to expense (Schedule 4) - Any Tax applied to the Sale to Government
    • 20C Input Tax allocable to Exempt Sales (Schedule 4) - Tax Value for Exempt Sales
    • 20D VAT Refund/TCC claimed - any Value Added Tax Refund to be claimed
    • 20E Others - Any declared miscellaneous Tax Applied
    • 20F Total (Sum of Item 20A, 20B,20C,20D & 20E) - Total Amount of Input Tax to be Deducted
  21. Total Allowable Input Tax (Item 19 less Item 20F) - remaining Available Input Tax based from the Total Input Tax Less the deductions Declared from input tax.
  22. Net VAT Payable (Item 16B less Item 21) - Net Amount of Value Added Tax Payable based from Total Sales/Receipts and Output Tax Due less the Total Allowable Input Tax.
  23. Less: Tax Credits/Payments - A tax credit is an incentive that lets a taxpayer subtract a set amount from their local, state, or federal tax liability.
    • 23A Creditable Value-Added Tax Withheld (Schedule 6) - Creditable withholding tax is an advance income tax of the payee. This would mean that even before filing the income tax return in the Philippines, the taxpayer had already remitted portion of its income tax liability through the payor who withheld and remitted the same to the BIR.
    • 23B Advance Payments for Sugar and Flour Industries (Schedule 7) - Any tax to be paid in advance for Sugar and Flour Industries
    • 23C VAT Withheld on Sales to Government (Schedule 8) - Any Value added Tax Credits withheld on Sales to Government
    • 23D VAT paid in return previously filed, if this is an amended return - Value added Tax paid in case the form to be submitted is for an Amended Return
    • 23D Advance Payments made (please attach proof of payments - BIR Form No. 0605) - Any Advance payments applied based from BIR Form 0605
    • 23F Others
    • 23G Total Tax Credits/Payments (Sum of Item 23A,23B,23C,23D,23E & 23F) - Total Tax Credits to be deducted
  24. Tax Still Payable/(Overpayment)(Item 22 less Item 23G) - Remaining Tax Payable base from Net VAT Payable less the Tax Credits Applied.
  25. Penalties
    • Surcharge(28A)
      • Surcharge of twenty five percent (25%)
        • Failure to file any return and pay the amount of tax or installment due on or before the due date;
        • 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.
        • 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 filled on or before the due date.
        • Failure to pay the deficiency tax within the time prescribed for its payment in the notice of assessment.
      • Surcharge of fifty percent (50%) of the tax in case any payment has been made on the basis of such return before the discovery of the falsity or fraud
        • Willful neglect to file in return within the period prescribed by the Code or by rules and regulations
        • In case a false or fraudulent return is willfully made.
    • Interest(28B)
      • Interest at the Rate of twenty percent(20%) per annum or any Unpaid amount of Tax, from the date prescribed for the Payment until the amount is fully Paid.
    • Compromise(28C)
      • Any amount to be paid for case liabilities.
  26. Total Amount Payable/(Overpayment) (Sum of Item 24 & 25D) - Total Payable base from Tax Payable less the Penalties
  27. President/Vice President/Principal Officer/Accredited Tax Agent/Authorized Representative/Taxpayer. (Signature Over Printed Name) - Person to be liable and Authorize when submitting the Form
    • Title/Position of Signatory
    • Tin of Signatory
    • Tax Agent Acc#/Atty's Roll #. (if applicable)
    • Date of Issue
    • Date of Expiry
  28. Treasurer/Assistant Treasurer (Signature Over Printed Name) - Person responsible on facilitating the Tax and Cost report inside the Form.
    • Treasurer/Assistant Treasurer (Signature Over Printed Name)
    • Title/Position of Signatory
    • TIN of Signatory

Notes:

  • Grey fields are auto-generated and will automatically adjust based on the input of the user.
  • For detailed instructions on how to use the BIR Form 2550M, the user may visit the Job Aids which can be found here
BIR Form 2550M Schedule List
File:BIR Form 2550M Schedule List.png
BIR Form 2550M Schedule List

Notes:

  • Schedules are detailed reference of Sales and Transactions for the BIR Forms. It is usually filled up when filing on EBIR or E-Filing and Payment System(EFPS)
BIR Form 2550M ATC List
File:BIR Form 2550M ATC List.png
BIR Form 2550M ATC List
Categories:
Modules
Maintenance ATC Code | Branch | Company | Tax
Job Aid Modules
Sales Aids Sales Invoice
Maintenance Aids ATC Codes Aids | Branch Aids | Company | Tax Aids
Reports Module(Reports)
Reports Tax Reports
Tax Reports Sales Journal | Purchase Journal | VAT Summary | BIR Form 2550M | BIR Form 2550Q | BIR Form 2551Q | BIR Form 0619-E | BIR Form 1601E-Q | BIR Form 1604E | Sales Relief | Purchase Relief | Summary Alphalist of Withholding Tax
Reports Aid
Tax Reports Sales Journal Aids | Purchase Journal Aids | VAT Summary Aids | BIR Form 2550M Aids | BIR Form 2550Q Aids | BIR Form 0619-E Aids | BIR Form 1601E-Q Aids | BIR Form 1604E Aids | Sales Relief Aids | Purchase Relief Aids | Summary Alphalist of Withholding Taxes Aids