This tax advisory implies that every taxpayer subject to percentage taxes needs to file a quarterly return of gross sales/receipts within 25 days after the end of each taxable quarter.
The tax advisory explained that those taxpayers who are subject to percentage tax pursuant to Section 116 of the Tax Code, as well as those who have changed their registration from VAT to Non-VAT shall pay percentage taxes on a quarterly basis using 2551Q, thus replacing the need to pay percentage taxes on a monthly basis using 2551 forms.
To obtain a full PDF copy of this tax advisory, kindly click this link.
