Special InTAX: May 2020 Issue 2 | Volume 4

Department of Finance

The Department of Finance (DOF) issued Revenue Regulation (RR) No. 12-2020, 14 May 2020, to further amend the provisions of RR Nos. 10-2020 and 11-2020 on the extension of statutory deadlines and timelines for the filing and submission of documents and payment of taxes.

RR No.12-2020 continues to define “quarantine” as any announcement by the National Government resulting to limited operations and mobility, including community quarantine, enhanced community quarantine and modified enhanced community quarantine. However, the term general community quarantine is no longer included in the definition.

Moreover, the regulation no longer provides any further extension of deadlines in case of another quarantine extension. Instead, the extended due dates under Section 2 of RR No. 11-2020 shall remain in effect regardless of any extension or modification of quarantine. In this connection, taxpayers are reminded to file their returns and pay their taxes on or before the prescribed deadlines.

Finally, RR No. 12-2020 reiterates that in case taxpayers filed tax returns within the original deadline or prior to the extended deadlines, an amendment of the same which will result to additional taxes may be paid without the imposition of penalties (surcharge, interest and compromise penalties), if done within the period of the extended deadline.  An amendment that will result in the overpayment of taxes paid will give the taxpayer the option to either carry over the overpaid tax as tax credit or claim the same for refund.

(RGM & Co. Note:  The RR was published in the Manila Bulletin on 22 May 2020.)

Attached is the full text of the issuance.

Revenue Regulations No. 12-2020