MANILA – Taxpayers are no longer required to disclose their passive incomes when they file income tax returns in April.
The Bureau of Internal Revenue on February 11 issued Revenue Memorandum Circular No. 9-2014, making optional the disclosure of information pertaining to taxpayers’ passive income for calendar year 2013.
“This circular further amends BIR Forms No. 1700, 1701 and 1702, previously amended under Revenue Memorandum Circular No. 40-2011. The amendment consists mainly in making the disclosure of Supplemental Information under BIR Forms No. 1700 and 1701 optional on the part of the taxpayer for income tax filing covering and starting with calendar year 2013, due for filing on or before April 15, 2014,” RMC 9-2014 read.
Passive income refers to gains made from holding financial and other assets.
The BIR however will require taxpayers to disclose information pertaining to their passive incomes for the succeeding calendar year, the returns for which are due on April 15, 2015.
In this regard, the bureau “advised taxpayers to demand from their payors, and properly document their BIR Form No. 2307 and other pieces of evidence for final taxes withheld.”
“Likewise, said taxpayers should properly receipt and book their tax-exempt income,” the circular read. –InterAksyon.com
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