REF.NO.

AFAS20-133
RESTRICTED FOR INTERNAL USE ONLY. NOT FOR ONLINE POSTING.

10 December 2020

To: The Agency Force

From: Arnolfo De Leon
Cc: CAO, NSD, SHs, SDs, Agency Licensing, Distribution Accounting, Risk and Compliance

Re: 2021 RENEWAL OF PROFESSIONAL TAX RECEIPT (PTR) AND

FILING OF INCOME TAX RETURN (ITR)
______________________________________________________________________________________

This serves as a reminder to everyone on the need to comply with the following regulatory
requirements as they are applicable to life insurance agents and agency leaders:

WHAT DEADLINE

Renewal of Professional Tax Receipt (PTR) 31 January 2021

where you maintain your principal office.

Filing of Income Tax Return (ITR) with the 15 April 2021

Revenue District Office (RDO) where you are registered.

All agents are required to complete the PTR and ITR documentation as required by the
government. Failure to comply with either requirement by the prescribed deadline will result
to penalties. This can also lead to the non-renewal of your Certificate of Authority (CA).

Please note of the following excerpts from the Guidelines and Instructions for BIR Form No. 1701
or the Annual Income Tax Return.

BIR Form No. 1701 shall be filed by individuals who are engaged in trade/business or the practice of
profession including those with mixed income in accordance with Sec. 51 of the Code, as amended.
The annual income tax return summarized all the transactions covering the calendar year of the
taxpayer.

This return (ITR) shall be filed by the following individuals regardless of amount of gross income:

1. A resident citizen engaged in trade, business, or practice of profession within and without the
Philippines.

1The Local Government Code of the Philippines (Book 1, Section 139, B.) – “Every person legally authorized to
practice his profession shall pay the professional tax to the province where he practices his profession or where he
maintains his principal office in case he practices his profession in several places.”
REF.NO. AFAS20-133
RESTRICTED FOR INTERNAL USE ONLY. NOT FOR ONLINE POSTING.

2. A resident alien, non-resident citizen or non-resident alien individual engaged in trade, business
or practice of profession within the Philippines.

3. An individual engaged in trade or business or in the exercise of their profession and receiving
compensation income as well.

For more details regarding ITR filing, please visit the official website for the Bureau of Internal
Revenue (BIR) at www.bir.gov.ph.

As your ITR and PTR are important requirements in the renewal of your license as insurance
agents, we suggest that you keep a file in your records until these are required for submission
by the Company.

Sincerely yours,

ARNOLFO L. DE LEON
Vice President and Head
Distributor Development