The tax relief measures implemented to help businesses cope with the economic impact of the COVID-19 have expired and rates returned to pre-pandemic levels in July, the BIR said.
The Corporate Recovery and Tax Incentives for Enterprises Act, passed into law in March 2021, provided tax cuts for businesses as they struggled during the peak of the pandemic lockdowns in 2020.
In an advisory, the BIR said that starting July 1, 2023 those subject to percentage tax under Section 116 of the National Internal Revenue Code , as amended, will have to pay the original 3% rate of their gross quarterly sales or receipts. Non-VAT taxpayers are mandated to file the percentage tax return or BIR Form No. 2551Q and pay the corresponding tax dues within 25 days after the end of each taxable quarter.“Moreover, from July 1, 2023 onwards, the minimum corporate income tax will return to its previous rate of 2%, calculated based on the gross income at the end of the taxable year,” the BIR said.
The MCIT is imposed beginning the fourth taxable year immediately following the year in which said corporation begins its business operations, the BIR said.
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