The Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) have agreed to extend the Income Tax Return (ITR) filing from April 15 to May 15 after Senator Bong Go appealed for the extension due to the Corona Virus Disease 2019 (COVID-19) pandemic.
According to Revenue Memorandum Circular dated March 18, 2020, signed by BIR Commissioner Caesar Dulay, individuals who cannot pay their taxes by May 15 will not be issued a penalty.
The BIR has stated that the extension will result in a PhP145 billion delay in tax collections which may have to be compensated by loan from the national government.
The BIR has asked the public to pay their taxes if it can be settled on an earlier date to aid the government funds against COVID-19.
