Monthly value added tax declaration 2550m form 2025

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Individuals or businesses which sell or lease goods or services which are subject to VAT, and if the amount of their actual gross sales/receipts exceeds up to P3,000,000.00.
A person who imports goods shall use the form prescribed by the Bureau of Custom. The returns must be filed not later than the 20th day following the close of the month.
Businesses required to register for VAT in the Philippines VAT-registered companies or individuals involved in selling, leasing, exchanging goods or properties and rendering services if the actual gross sales or receipts total up to 3,000,000 PHP.
Thus, VAT-registered taxpayers are no longer required to file the Monthly VAT Declaration (BIR Form No. 2550M) for transactions starting January 1, 2023. Instead, they will file the corresponding Quarterly VAT Return (BIR Form No. 2550Q) within twenty-five (25) days following the close of each taxable quarter.
13-2018, beginning January 1, 2023, the filing of BIR Form No. 2550M (Monthly Value-Added Tax) is no longer required. Instead, the corresponding Quarterly VAT Return (BIR Form No. 2550Q) shall be filed and paid within 25 days following the close of each taxable quarter.

People also ask

Companies in the Philippines with actual gross sales or receipts of less than 3,000,000 PHP are not required to submit and file VAT. These businesses are exempt.
BIR Form 2550M, or also known as Monthly Value-Added Tax Declaration is a form of sales tax which is imposed on sales or exchange of goods and services in the Philippines. Serving as a form of indirect tax, VAT is passed on to the buyer which consumes the product/service.

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