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Difference between revisions of "BIR Form 2550M"

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<div style="text-align: center;">[[Tax Reports]] | [[BIR Form 2550M]] | [[BIR Form 2550M Aids]]</div>
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<div style="text-align: center;">
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[[Tax Reports]] | [[BIR Form 2550M]]
 +
</div>
  
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== BIR Form 2550M ==
+
==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. Serving as a form of indirect tax, VAT is passed on to the buyer which consumes the product/service.[[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:Tax Reports - BIR Form 2550M - Menu.png|border|center|3510x3510px]]
 +
<br />
  
−
# Month/Year - Month and year when the BIR Form 2550M is issued.
+
=====<span class="mw-headline" id="Generating_BIR_FORM_2550M_Records" style="box-sizing: inherit;">'''<span style="box-sizing: inherit; font-size: 12pt; line-height: 17.12px;">Generating BIR FORM 2550M Records</span>'''</span>=====
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# 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'''
 
−
# 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.
 
−
# Line of Business - Nature of Business of the Company
 
−
# Tax Payer's Name - Registered Name for Non-Individual(Company) and Whole name for Individual
 
−
# Telephone Number - Contact Number of the Tax Payer
 
−
# 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
 
−
# 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'''
 
−
# Vatable Sales/Receipt-Private (Schedule 1) - Tax Applied for Sales and receipts
 
−
# Sales To Government - Tax Applied for Sales transaction to Government
 
−
# Zero Rated Sales/Receipts - Sales that does not impose any VAT
 
−
# 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
 
−
# 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 <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
 
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#* 17D Presumptive Input Tax - the input tax is presumed to have been paid on goods or properties which were heretofore not subject to VAT
 
−
#* 17E Others - Other Tax to be deducted.
 
−
#* 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.
 
−
#* 18A/B Purchase of Capital Goods not exceeding P1Million (Schedule 2) - Any Asset purchased that is not exceeding within 1 Million Pesos.
 
−
#* 18C/D Purchase of Capital Goods exceeding P1Million (Schedule 2) - Any Asset purchased which will be exceeding 1 Million Pesos
 
−
#* 18E/F Domestic Purchases of Goods other than capital goods - Any purchases or assets within the nation.
 
−
#* 18G/H Importation of Goods Other than Capital Goods - Any imports purchased by the company
 
−
#* 18I/J Domestic Purchases of Services - Any purchases of services within the nation
 
−
#* 18K/L Services rendered by Non-residents - Any Transactions with regards to services rendered by the Non-Resident of the country
 
−
#* 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
 
−
# 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.
 
−
#* 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
 
−
# 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.
 
−
# 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
 
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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.
 
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# Penalties
 
−
#* 25A Surcharge - is a one-time penalty applicable for each and every failure to pay the tax.
 
−
#* 25B Interest - Additional Amount to be paid base from the less tax to be paid originally than intended.
 
−
#* 25C Compromise - Any amount to be paid for case liabilities.
 
−
# <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 - Position of the Liable Person
 
−
#* Tin of Signatory - Tin Number of the Liable Person
 
−
#* Tax Agent Acc#/Atty's Roll #. (if applicable) - Attorney or Agent that is confidant with the liable Person
 
−
#* Date of Issue - Date when the Liable Person signed the Form
 
−
#* Date of Expiry - Date when the Form will be Expired when not submitted
 
−
# Treasurer/Assistant Treasurer (Signature Over Printed Name) - Treasurer that is assigned to assist the liable person
 
−
#* Treasurer/Assistant Treasurer (Signature Over Printed Name) - Treasurer that is assigned to assist the liable person who counter checks the Form before submitting
 
−
#* Title/Position of Signatory - Title or Position of the Treasurer
 
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#* TIN of Signatory - TIN of the Treasurer
 
  
−
====== BIR Form 2550M Schedule List ======
+
#Under Main Menu, Click '''[[Reports]]'''
−
[[File:BIR Form 2550M Schedule List.png|center|thumb|1138x1138px|BIR Form 2550M Schedule List]]
+
#Under Reports Menu, Click '''[[BIR Form 2550M|BIR FORM 2550M]]''' under [[Tax Reports]].
 +
#Under [[BIR Form 2550M|BIR FORM 2550M]], Fill up the necessary fields then double check every detail. Click '''Generate''' to proceed.
 +
 
 +
[[File:Tax Reports - BIR Form 2550M - Generate.png|border|center|5228x5228px]]
 +
<br />
 +
{| class="wikitable"
 +
|+BIR Form 2550M Terms on Oojeema Prime System
 +
!'''Fields'''
 +
!'''Descriptions/Remarks'''
 +
|-
 +
|1. '''Month/Year'''
 +
|Month and Year when the BIR Form 2550M is issued.
 +
|-
 +
|2. '''Amended Return'''
 +
|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'''
 +
|(Optional)
 +
Number of Attached Sheets declared when submitting the BIR Form 2550M
 +
 
 +
*Number of sheets is needed when filing E-BIR and EFPS
 +
|-
 +
| colspan="2" style="vertical-align:middle;text-align:center;" |'''Part I - Background Information'''
 +
|-
 +
|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'''
 +
|(Optional)
 +
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.
 +
|-
 +
| colspan="2" style="vertical-align:middle;text-align:center;" |'''Part II - Computation of Tax'''
 +
|-
 +
|12. '''Vatable Sales/Receipt-Private'''
 +
|(Schedule 1)
 +
Sales that the business will have to charge VAT on if it is registered for VAT.
 +
|-
 +
|13. '''Sales To Government'''
 +
|VAT transactions applied to the Government
 +
|-
 +
|14. '''Zero Rated Sales/Receipts'''
 +
|Sales that does not impose any VAT
 +
|-
 +
|15. '''Exempt Sales/Receipts'''
 +
|Sales that does not impose any VAT
 +
|-
 +
|16. '''Total Sales/Receipts and Output Tax Due'''
 +
|For Total Sales Receipt for the Month
 +
 
 +
*Total Sales from Item 12 to 15
 +
 
 +
For Output Tax Due for the Month
 +
 
 +
*Total Output Tax from Item 12 and 13
 +
|-
 +
|17. '''Less: Allowable Input Tax'''
 +
|List of Allowable Input Tax to be deducted
 +
 
 +
*17A Input Tax Carried Over from Previous Period
 +
*17B <span class="ve-pasteProtect" style="color: rgb(51, 51, 51)" data-ve-attributes="{&quot;style&quot;:&quot;color: rgb(51, 51, 51)&quot;}">Input Tax Deferred on Capital Goods Exceeding P1Million from Previous Period</span>
 +
*17C Transitional Input Tax
 +
*17D Presumptive Input Tax
 +
*17E Others
 +
*17F Total (Sum of Item 17A, 17B, 17C, 17D & 17E)
 +
|-
 +
|18. '''Current Transactions'''
 +
|
 +
*'''18A/B Purchase of Capital Goods not exceeding P1Million (Schedule 2)''' - amount of 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 input 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 17F, 18B, 18D, 18F, 18H, 18J, 18L,&18O)
 +
|Total Input Tax based from Total Allowable Input Tax(17F) and Items 18B, 18D, 18F,  18H, 18J, 18L and 18O.
 +
|-
 +
|20. '''Less: Deductions from Input Tax'''
 +
|
 +
*'''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'''
 +
|
 +
*'''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'''
 +
|Penalties to be applied if any
 +
 
 +
*'''Surcharge(25A)'''
 +
*'''Interest(25B)'''
 +
*'''Compromise(25C)'''
 +
*'''Total Penalties(25D)'''
 +
|-
 +
|26. <span class="ve-pasteProtect" style="color: rgb(51, 51, 51)" data-ve-attributes="{&quot;style&quot;:&quot;color: rgb(51, 51, 51)&quot;}">'''Total Amount Payable/(Overpayment) (Sum of Item 24 & 25D)'''</span>
 +
|Total Payable base from Tax Payable and Penalties.
 +
|-
 +
|27. '''President/Vice President/Principal Officer/Accredited Tax Agent/Authorized Representative/Taxpayer. (Signature Over Printed Name)'''
 +
|President /Vice President/Principal Officer/Accredited Tax Agent/Authorized Representative/ Tax Payer Details
 +
 
 +
*'''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)
 +
|Treasurer/Assistant Treasurer details
 +
 
 +
*'''Treasurer/Assistant Treasurer'''
 +
*'''Title/Position of Signatory'''
 +
*'''TIN of Signatory'''
 +
|}
 +
 
 +
Notes:
 +
 
 +
*Grey fields are auto-generated and will automatically adjust based on the input of the user.
  
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====== BIR Form 2550M ATC List ======
 
−
[[File:BIR Form 2550M ATC List.png|center|thumb|770x770px|BIR Form 2550M ATC List]]
 
 
{| class="wikitable" style="box-sizing: inherit; border-collapse: collapse; border-spacing: 0px; background-color: rgb(248, 249, 250); font-size: 14px; color: rgb(34, 34, 34); margin: 1em 0px; border: 1px solid rgb(162, 169, 177); font-family: &quot;Open Sans&quot;, Roboto, arial, sans-serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"
 
{| class="wikitable" style="box-sizing: inherit; border-collapse: collapse; border-spacing: 0px; background-color: rgb(248, 249, 250); font-size: 14px; color: rgb(34, 34, 34); margin: 1em 0px; border: 1px solid rgb(162, 169, 177); font-family: &quot;Open Sans&quot;, Roboto, arial, sans-serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"
 
|+ style="box-sizing: inherit; padding-top: 8px; padding-bottom: 8px; color: rgb(119, 119, 119); text-align: left; font-weight: bold;" |Categories:
 
|+ style="box-sizing: inherit; padding-top: 8px; padding-bottom: 8px; color: rgb(119, 119, 119); text-align: left; font-weight: bold;" |Categories:
Line 82: Line 174:
 
|- style="box-sizing: inherit;"
 
|- style="box-sizing: inherit;"
 
| style="" |Maintenance
 
| style="" |Maintenance
−
| style="" |[[ATC Code]]<nowiki> | </nowiki>[[Branch]]<nowiki> | </nowiki>[[Company]]<nowiki> | </nowiki>[[Tax]]
+
| style="" |[[ATC Code]]<nowiki> | </nowiki>[[Company]]<nowiki> | </nowiki>[[Tax]]
−
|- style="box-sizing: inherit;"
 
−
| colspan="2" style="vertical-align:middle;text-align:center;" |'''Job Aid Modules'''
 
−
|- style="box-sizing: inherit;"
 
−
| style="" |Sales Aids
 
−
| style="" |[[Sales Invoice]]
 
−
|- style="box-sizing: inherit;"
 
−
| style="" |Maintenance Aids
 
−
| style="" |[[ATC Codes Aids]]<nowiki> | </nowiki>[[Branch Aids]]<nowiki> | </nowiki>[[Customer Aids]]<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]])'''
Line 99: Line 183:
 
| style="" |Tax Reports
 
| style="" |Tax Reports
 
| style="" |[[Sales Journal]]<nowiki> | </nowiki>[[Purchase Journal]]<nowiki> | </nowiki>[[VAT Summary]]<nowiki> | </nowiki>[[BIR Form 2550M]]<nowiki> | </nowiki>[[BIR Form 2550Q]]<nowiki> | </nowiki>[[BIR Form 2551Q]]<nowiki> | </nowiki>[[BIR Form 0619-E]]<nowiki> | </nowiki>[[BIR Form 1601E-Q]]<nowiki> | </nowiki>[[BIR Form 1604E]]<nowiki> | </nowiki>[[Sales Relief]]<nowiki> | </nowiki>[[Purchase Relief]]<nowiki> | </nowiki>[[SAWT|Summary Alphalist of Withholding Tax]]
 
| style="" |[[Sales Journal]]<nowiki> | </nowiki>[[Purchase Journal]]<nowiki> | </nowiki>[[VAT Summary]]<nowiki> | </nowiki>[[BIR Form 2550M]]<nowiki> | </nowiki>[[BIR Form 2550Q]]<nowiki> | </nowiki>[[BIR Form 2551Q]]<nowiki> | </nowiki>[[BIR Form 0619-E]]<nowiki> | </nowiki>[[BIR Form 1601E-Q]]<nowiki> | </nowiki>[[BIR Form 1604E]]<nowiki> | </nowiki>[[Sales Relief]]<nowiki> | </nowiki>[[Purchase Relief]]<nowiki> | </nowiki>[[SAWT|Summary Alphalist of Withholding Tax]]
−
|- style="box-sizing: inherit;"
 
−
| colspan="2" style="vertical-align:middle;text-align:center;" |'''Reports Aid'''
 
−
|- style="box-sizing: inherit;"
 
−
| style="" |Tax Reports
 
−
| style="" |[[Sales Journal Aids]]<nowiki> | </nowiki>[[Purchase Journal Aids]]<nowiki> | </nowiki>[[VAT Summary Aids]]<nowiki> | </nowiki>[[BIR Form 2550M Aids]]<nowiki> | </nowiki>[[BIR Form 2550Q Aids]]<nowiki> | </nowiki>[[BIR Form 0619-E Aids]]<nowiki> | </nowiki>[[BIR Form 1601E-Q Aids]]<nowiki> | </nowiki>[[BIR Form 1604E Aids]]<nowiki> | </nowiki>[[Sales Relief Aids]]<nowiki> | </nowiki>[[Purchase Relief Aids]]<nowiki> | </nowiki>[[SAWT Aids|Summary Alphalist of Withholding Taxes Aids]]
 
 
|}
 
|}
 +
 +
 +
 +
[[Category:Financials]]
 +
[[Category:Sales]]
 +
[[Category:Purchase]]
 +
[[Category:Tax Reports]]

Latest revision as of 10:54, 7 April 2022

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.

Tax Reports - BIR Form 2550M - Menu.png


Generating BIR FORM 2550M Records
  1. Under Main Menu, Click Reports
  2. Under Reports Menu, Click BIR FORM 2550M under Tax Reports.
  3. Under BIR FORM 2550M, Fill up the necessary fields then double check every detail. Click Generate to proceed.
Tax Reports - BIR Form 2550M - Generate.png


BIR Form 2550M Terms on Oojeema Prime System
Fields Descriptions/Remarks
1. Month/Year Month and Year when the BIR Form 2550M is issued.
2. Amended Return 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 (Optional)

Number of Attached Sheets declared when submitting the BIR Form 2550M

  • Number of sheets is needed when filing E-BIR and EFPS
Part I - Background Information
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 (Optional)

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.

Part II - Computation of Tax
12. Vatable Sales/Receipt-Private (Schedule 1)

Sales that the business will have to charge VAT on if it is registered for VAT.

13. Sales To Government VAT transactions applied to the Government
14. Zero Rated Sales/Receipts Sales that does not impose any VAT
15. Exempt Sales/Receipts Sales that does not impose any VAT
16. Total Sales/Receipts and Output Tax Due For Total Sales Receipt for the Month
  • Total Sales from Item 12 to 15

For Output Tax Due for the Month

  • Total Output Tax from Item 12 and 13
17. Less: Allowable Input Tax List of Allowable Input Tax to be deducted
  • 17A Input Tax Carried Over from Previous Period
  • 17B Input Tax Deferred on Capital Goods Exceeding P1Million from Previous Period
  • 17C Transitional Input Tax
  • 17D Presumptive Input Tax
  • 17E Others
  • 17F Total (Sum of Item 17A, 17B, 17C, 17D & 17E)
18. Current Transactions
  • 18A/B Purchase of Capital Goods not exceeding P1Million (Schedule 2) - amount of 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 input 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 17F, 18B, 18D, 18F, 18H, 18J, 18L,&18O) Total Input Tax based from Total Allowable Input Tax(17F) and Items 18B, 18D, 18F, 18H, 18J, 18L and 18O.
20. Less: Deductions from Input Tax
  • 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
  • 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 Penalties to be applied if any
  • Surcharge(25A)
  • Interest(25B)
  • Compromise(25C)
  • Total Penalties(25D)
26. Total Amount Payable/(Overpayment) (Sum of Item 24 & 25D) Total Payable base from Tax Payable and Penalties.
27. President/Vice President/Principal Officer/Accredited Tax Agent/Authorized Representative/Taxpayer. (Signature Over Printed Name) President /Vice President/Principal Officer/Accredited Tax Agent/Authorized Representative/ Tax Payer Details
  • 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) Treasurer/Assistant Treasurer details
  • Treasurer/Assistant Treasurer
  • Title/Position of Signatory
  • TIN of Signatory

Notes:

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Categories:
Modules
Maintenance ATC Code | Company | Tax
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
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