3RD YEAR

Corporation- under NIRC includes partnership

Filing of returns: same as self-employed and mix earners that files 4 times.
DEADLINE OF THE 1st to 3rd quarter: 60th after the close of the quarter.
DEADLINE OF FINAL ADJUSTMENT RETURN: 15th day of the 4th month after the close of the
year.
IF CALENDAR YEAR IS FOLLOWED:
JAN
1ST QUARTER FEB
MARCH
Due date: (45 DAYS FROM MARCH) : MAY 30
APRIL
2ND QUARTER MAY
JUNE
Due date: (45 DAYS FROM JUNE) : AUG 29
JULY
3RD QUARTER AUG
SEPT.
Due date: (45 DAYS FROM SEPT) : NOV.29
OCT.
FINAL ADJUSTMENT NOV.
RETURN DEC.
DUE DATE: APRIL 15
VAT RETURNS DUE DATE: 25 DAY AFTER THE CLOSE OF THE TAXABLE QUARTER
: 4th quarter is due 20th day after the close of the quarter.
Transfer taxes
DONOR’S TAX: the person who donated to another entity is liable to donor’s tax.
: paid 30 days after the gift.
ESTATE’S TAX: before train law; 6th month after the death. TRAIN LAW: 1 year after the death of
the death.
CTA: COURT OF TAX APPEAL
: Comprise of 9 Justices.
- 3 Divisions
- Filing a motion for reconsideration is mandatory.
Supreme court
- 14 justices
REFUND – 2 years after the payment, you can file for refund

REMEDIES FOR EXCESS PAYMENT OF TAX:

CLAIM OF ADMINISTRATIVE CASH REFUND
CLAIM TCC
CARRY OVER

EVENTS WHERE 3 YEARS PRESCRIPTION IS NOT APPLICABLE:

-FRAUD OR FRAUDULENT RETURN: 10 years from discovery
-Omission or non-filing: 10 years from discovery
-When there is an executed waiver
- there is a suspension of the 3 year period ( can issue revenue memorandum circular)
REQUISITES OF A VALID WAIVER
- It must be in writing
- Must be executed before the lapse of the 3 year period
- Must be signed by the authorized representatives
-
3 years prescription starts at:
If income tax, the adjusted return is the start of the prescription period
If vat, quarterly siya nagpre- prescribe.