Pro BIR Form 2550M

Pro BIR Form 2550M | Sales | Purchase | Bank | Chart of Account | Tax | BIR Form 2550M Job Aids

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

BIR Form 2550M Terms on Oojeema Pro 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:

• Grey fields are auto-generated and will automatically adjust based on the input of the user.
• For detailed instructions on how to generate the form. The user may visit the BIR Form 2550M Job Aids which can be found here