BIR Form 2550M

Tax Reports | BIR Form 2550M | BIR Form 2550M 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.

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BIR Form 2550M

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
Part I - Background Information
4. TIN
5. RDO Code
6. Line of Business
7. Tax Payer's Name
8. Telephone Number
9. Registered Address
10. Zip Code
11. Tax Relief
Part II - Computation of Tax
12. Vatable Sales/Receipt-Private
13. Sales To Government
14. Zero Rated Sales/Receipts
15. Exempt Sales/Receipts
16. Total Sales/Receipts and Output Tax Due
17. Less: Allowable Input Tax	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 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)
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)
22. Net VAT Payable (Item 16B less Item 21)
23. Less: Tax Credits/Payments
24. Tax Still Payable/(Overpayment)(Item 22 less Item 23G)
25. Penalties
26. Total Amount Payable/(Overpayment) (Sum of Item 24 & 25D)
27. President/Vice President/Principal Officer/Accredited Tax Agent/Authorized Representative/Taxpayer. (Signature Over Printed Name)	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 Title/Position of Signatory TIN of Signatory

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)
    • Interest(28B)
    • Compromise(28C)
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)
    • 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
    • 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

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BIR Form 2550M ATC List