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Difference between revisions of "BIR Form 2550Q"

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#'''Return Period''' - The month range of the specific quarter.
 
#'''Return Period''' - The month range of the specific quarter.
 
#'''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.
−
#'''Short Period''' - A return for a short period, that is, for a taxable year consisting of a period of less than 12 months. This can be due to company being dissolved.  
+
#'''Short Period''' - A return for a short period, that is, for a taxable year consisting of a period of less than 12 months. This can be due to company being dissolved.
 
#'''TIN''' - Tax Identification Number of an Individual or Business
 
#'''TIN''' - Tax Identification Number of an Individual or Business
 
#'''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.
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#'''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'''
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#'''Less: Allowable Input Tax''' - Any amount of Tax deducted to Output Tax
−
#*'''20A Input Tax Carried Over from Previous Quarter''' -  
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#*'''20A Input Tax Carried Over from Previous Quarter''' - any negative amount from the total amount payable from the previous return or quarter.
−
#*'''20B Input Tax Deferred on Capital Goods Exceeding P1Million from Previous Quarter'''
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#*'''20B Input Tax Deferred on Capital Goods Exceeding P1Million from Previous Quarter''' - Input Tax value of Capital Goods to be defer from last Quarter that exceeds 1 Million Pesos.
−
#*'''20C Transitional Input Tax'''
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#*'''20C Transitional Input Tax''' - Tax Value amount from items that is Non VAT to VAT,
−
#*'''20D Presumptive Input Tax'''
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#*'''20D Presumptive Input Tax''' - Tax Value amount from domestic purchases or importations.
−
#*'''20E Others'''
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#*'''20E Others''' - Any Other Tax to be deducted.
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#*'''20F Total (Sum of Item 20A, 20B, 20C, 20D & 20E)'''
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#*'''20F Total (Sum of Item 20A, 20B, 20C, 20D & 20E)''' - Total Allowable Input Tax to be deducted.
 
#'''Current Transactions'''
 
#'''Current Transactions'''
−
#*'''21A/B Purchase of Capital Goods not exceeding P1Million (see sch.2)'''
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#*'''21A/B Purchase of Capital Goods not exceeding P1Million (see sch.2)''' - amount of creditable input tax for Capital Goods Purchases that will not exceed to 1 Million Pesos.
−
#*'''21C/D Purchase of Capital Goods exceeding P1Million (see sch.2)'''
+
#*'''21C/D Purchase of Capital Goods exceeding P1Million (see sch.2)''' - Input Tax value of Purchased Capital Goods to be defer that exceeds 1 Million Pesos.
−
#*'''21E/F Domestic Purchases of Goods other than capital goods'''
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#*'''21E/F Domestic Purchases of Goods other than capital goods''' - Input Tax Value for Domestic Purchases of Goods excluding the Capital Goods.
−
#*'''21G/H Importation of Goods Other than Capital Goods'''
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#*'''21G/H Importation of Goods Other than Capital Goods''' - Input Tax Value for Importation of Goods excluding the Capital Goods.
−
#*'''21I/J Domestic Purchases of Services'''
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#*'''21I/J Domestic Purchases of Services''' - Input Tax for Purchases of Services.
−
#*'''21K/L Services rendered by Non-residents'''
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#*'''21K/L Services rendered by Non-residents''' - Input Tax of Services rendered from foreign individuals.
−
#*'''21M Purchases Not Qualified for Input Tax'''
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#*'''21M Purchases Not Qualified for Input Tax''' - Any purchases that does not applied to any form of tax
−
#*'''21N/O Others'''
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#*'''21N/O Others''' - Any declared miscellaneous transactions.
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#*'''21P Total Current Purchases (Sum of item 21A,21C,21E,21G,21I,21K,21M&21N)'''
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#*'''21P Total Current Purchases (Sum of item 21A,21C,21E,21G,21I,21K,21M&21N)''' - Overall Total of Current Declared Transactions
 
#<span style="color: rgb(51, 51, 51)">'''Total Available Input Tax (Sum of Item 20F, 21B, 21D, 21F, 21H, 21J, 21L,&21O)'''</span>
 
#<span style="color: rgb(51, 51, 51)">'''Total Available Input Tax (Sum of Item 20F, 21B, 21D, 21F, 21H, 21J, 21L,&21O)'''</span>
 
#<span style="color: rgb(51, 51, 51)">'''Less: Deductions from Input Tax'''</span>
 
#<span style="color: rgb(51, 51, 51)">'''Less: Deductions from Input Tax'''</span>

Revision as of 12:30, 19 February 2021

BIR Form 2550Q

BIR Form 2550Q 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 quarterly basis(Every 3 months).

File:BIR Form 2550Q.png
BIR Form 2550Q

BIR Form 2550Q terms on Oojeema Prime

  1. Month Year - Month and year when the BIR Form 2550Q was issued.
    • A calendar year is fixed from January 1 to December 31
    • A fiscal year starts from any point of the year and still comprises a full 12 months
  2. Quarter - refers to the which quarter of the year.
    • For Calendar Year
      • First Quarter - January to March
      • Second Quarter - April to June
      • Third Quarter - July to September
      • Fourth Quarter - October to December
    • For Fiscal Year
      • Every three months starting from the Fiscal Year.
  3. Return Period - The month range of the specific quarter.
  4. 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.
  5. Short Period - A return for a short period, that is, for a taxable year consisting of a period of less than 12 months. This can be due to company being dissolved.
  6. TIN - Tax Identification Number of an Individual or Business
  7. 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.
  8. No. of Sheets Attached - Number of Attached Sheets declared when submitting the BIR Form 2550Q
  9. Line of Business - Nature of Business of the Company
  10. Tax Payer's Name - Registered Name for Non-Individual(Company) or Whole Name for Individual.
  11. Telephone Number - Contact Number of the Tax Payer
  12. Registered Address - The registered Address of the Tax Payer.
  13. ZIP Code - Zone Improvement Plan Code of the registered Address of the Tax Payer.
  14. 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.
  15. Vatable Sales/Receipt-Private - Tax Applied for Sales and receipts
  16. Sale to Government - Tax Applied for Sales transaction to Government
  17. Zero Rated Sales/Receipts - Sales that does not impose any VAT but allows credits for the value-added tax paid on inputs.
  18. 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.
  19. Total Sales/Receipts and Output Tax Due - Total Value of Tax Types Mentioned from Vatable Sales up to Exempt Sales.
  20. Less: Allowable Input Tax - Any amount of Tax deducted to Output Tax
    • 20A Input Tax Carried Over from Previous Quarter - any negative amount from the total amount payable from the previous return or quarter.
    • 20B Input Tax Deferred on Capital Goods Exceeding P1Million from Previous Quarter - Input Tax value of Capital Goods to be defer from last Quarter that exceeds 1 Million Pesos.
    • 20C Transitional Input Tax - Tax Value amount from items that is Non VAT to VAT,
    • 20D Presumptive Input Tax - Tax Value amount from domestic purchases or importations.
    • 20E Others - Any Other Tax to be deducted.
    • 20F Total (Sum of Item 20A, 20B, 20C, 20D & 20E) - Total Allowable Input Tax to be deducted.
  21. Current Transactions
    • 21A/B Purchase of Capital Goods not exceeding P1Million (see sch.2) - amount of creditable input tax for Capital Goods Purchases that will not exceed to 1 Million Pesos.
    • 21C/D Purchase of Capital Goods exceeding P1Million (see sch.2) - Input Tax value of Purchased Capital Goods to be defer that exceeds 1 Million Pesos.
    • 21E/F Domestic Purchases of Goods other than capital goods - Input Tax Value for Domestic Purchases of Goods excluding the Capital Goods.
    • 21G/H Importation of Goods Other than Capital Goods - Input Tax Value for Importation of Goods excluding the Capital Goods.
    • 21I/J Domestic Purchases of Services - Input Tax for Purchases of Services.
    • 21K/L Services rendered by Non-residents - Input Tax of Services rendered from foreign individuals.
    • 21M Purchases Not Qualified for Input Tax - Any purchases that does not applied to any form of tax
    • 21N/O Others - Any declared miscellaneous transactions.
    • 21P Total Current Purchases (Sum of item 21A,21C,21E,21G,21I,21K,21M&21N) - Overall Total of Current Declared Transactions
  22. Total Available Input Tax (Sum of Item 20F, 21B, 21D, 21F, 21H, 21J, 21L,&21O)
  23. Less: Deductions from Input Tax
    • 23A Input Tax on Purchases of Capital Goods exceeding P1Million deferred for succeeding period (Sch.3)
    • 23B Input Tax on Sale to Govt. closed to expense (Sch.4)
    • 23C Input Tax allocable to Exempt Sales (Sch.5)
    • 23D VAT Refund/TCC claimed
    • 23E Others
    • 23F Total (Sum of Item 23A, 23B,23C,23D & 23E)
  24. Total Allowable Input Tax (Item 22 less Item 23F)
  25. Net VAT Payable (Item 19B less Item 24)
  26. Less: Tax Credits/Payments
    • 26A Monthly VAT Payments - previous two months
    • 26B Creditable Value-Added Tax Withheld (Sch. 6)
    • 26C Advance Payments for Sugar and Flour Industries (Sch.7)
    • 26D VAT Withheld on Sales to Government (Sch.8)
    • 26E VAT paid in return previously filed, if this is an amended return
    • 26F Advance Payments made (please attach proof of payments - BIR Form No. 0605)
    • 26G Others
    • 26H Total Tax Credits/Payments (Sum of Item 26A,26B,26C,26D,26E, 26F & 26G)
  27. Tax Still Payable/(Overpayment)(Item 25 less Item 26H)
  28. Penalties
    • Surcharge(28A)
    • Interest(28B)
    • Compromise(28C)
  29. Total Amount Payable/(Overpayment) (Sum of Item 27 & 28D)
  30. President/Vice President/Principal Officer/Accredited Tax Agent/Authorized Representative/Taxpayer
    • Title/Position of Signatory
    • Tin of Signatory
    • Tax Agent Acc#/Atty's Roll #. (if applicable)
    • Date of Issue
    • Date of Expiry
  31. Treasurer/Assistant Treasurer (Signature Over Printed Name)
    • Treasurer/Assistant Treasurer (Signature Over Printed Name)
    • Title/Position of Signatory
    • TIN of Signatory


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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
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