New Income Tax Forms 2014 (1700, 1701, 1702, June 2013 versions)

The Bureau of Internal Revenue (BIR) issued Revenue Regulations 2-2014 on February 4, 2014. These revenue regulations are issued to prescribe the new BIR forms that will be used for income tax returns (ITRs) filing covering and starting the taxable year ended December 31, 2013.

New BIR Forms

Following are the new BIR Forms:

1. BIR Form 1700 version June 2013 (Annual Income Tax Return for Individuals Earning Purely Compensation Income)

2. BIR Form 1701 version June 2013 (Annual Income Tax Return for Self-Employed Individuals, Estates and Trusts)

3. BIR Form 1702-RT version June 2013 (annual income tax returns for corporations, partnerships and other non-individual taxpayers SUBJECT ONLY to the REGULAR income tax rate)

4. BIR Form 1702-EX version June 2013 (annual income tax returns for USE ONLY by corporations, partnerships and other non-individual taxpayers EXEMPT under the tax code, as amended, (Sec 30 and those exempted in Sec 27(C) and other Special Laws, with NO other taxable income)

5. BIR Form 1702-MX version June 2013 (annual income tax return for corporations, partnerships and other non-individuals with Mixed Income subject to multiple income tax rates or with income subject to special/preferential rate)

While the BIR forms were just revised in 2011, the BIR has again revised these reflecting the changes stated above.

Downloads

You can download these updated forms using the links below:

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Disclaimer: Opinions expressed in this article are that of the author and information provided are for general conceptual guidance for public information and are not substitute for expert advice. Contact support@philcpa.org for more information and if you want to avail professional services. Find us on Facebook!


Orlando Calundan is a CPA who has exposures in FS audit of entities in various industries such as real estate, food/restaurants, manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements.

13 Responses to “New Income Tax Forms 2014 (1700, 1701, 1702, June 2013 versions)”

  1. CK Gajunia says:

    Would like to clarify, is the supplemental info (Schedule 12) a mandatory part of the 1701 now? If I remember it correctly, that was mandatory last year, only it was suspended.

  2. Hi,

    If I remember it right, that was deferred last year but was intended to be effective this year. In our opinion, unless there is a directive to defer it again, it is effective and mandatory this year. I guess it would help to confirm this with the BIR.

  3. Norlany Dilla Fernandez says:

    HI Sir, ask ko lang po need poba magsubmit ng 1700 ang employer?

  4. Pag employer usually 1701 or 1702 pinafile depending if sole proprietor ba or partnership or corporation.

  5. Good Day Sir, ask ko lng po kung meron pang ibang interactive forms available? kasi po yung offline e-bir forms pag pinrint na po iba yung nagiging output… tpos ung output nung software n yun eh hindi daw po tinatanggap ng BIR?

  6. hi sir i just want to ask the rate for 1702Q for non vat. i am engage in lending business?

  7. Hi Kristine! By saying 1702 you mean you represent a corporation. Then the tax rate should be 30% applied on the taxable income.

  8. Philippine Accounting Updates yup it is a corporation. how about the expenses incurred before the issuance of cor is it possible if we include it in the report for expenses…for example the expenses incurred for the processing of the docs…

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