The (Annual Income Tax Return for Corporations, Partnerships, and Other Non-Individual Taxpayers Subject Only to Regular Income Tax Rate) underwent a significant update in January 2018 to comply with modern tax regulations. Purpose and Scope
For corporations, partnerships, and other non-individual taxpayers in the Philippines, tax compliance is a non-negotiable annual ritual. One of the most critical forms in the corporate tax ecosystem is – the Annual Income Tax Return For Corporations, Partnerships and Other Non-Individual Taxpayers Subject Only to the Regular Income Tax (RCIT) Rate Under Sections 27(A) and 40(B)(1) of the Tax Code, as amended, and For Non-Resident Foreign Corporations Not Engaged in Trade or Business (NRFC-NETB) . bir form 1702 rt version 2018 excel format
She opened the file. Excel loaded. The numbers populated. She clicked the validate button on the BIR portal. She opened the file
| Line | Description | Amount | |------|-------------|--------| | 9 | Gross sales/revenues/receipts/fees | [input] | | 10 | Less: Sales returns, discounts, allowances | [input] | | 11 | | =L9 - L10 | | 12 | Cost of sales/services | [input] | | 13 | Gross income | =L11 - L12 | | 14 | Add: Other taxable income | [input] | | 15 | Total gross income | =L13 + L14 | | 16 | Less: Deductions (Itemized or OSD) | [input] | | 17 | Taxable income | =L15 - L16 | | 18 | Income tax due (MCIT or RCIT, whichever applies) | [input or formula] | | 19 | Less: Tax credits/payments | | | 20 | - Creditable withholding tax | [input] | | 21 | - Quarterly payments | [input] | | 22 | - Foreign tax credit | [input] | | 23 | Tax payable (refund) | =L18 - SUM(L20:L22) | She clicked the validate button on the BIR portal
He closed the laptop. The file was ready. It wasn't just a spreadsheet; it was a story of a company's year—its struggles, its payroll, its taxes paid. And now, it was ready to be uploaded to the BIR's eFPS (Electronic Filing and Payment System).