ORMOC CITY , Philippines – Commissioner Kim Henares of the Bureau of Internal Revenue has finally relented to requests of Yolanda-affected businesses to grant them more time to file their declaration of losses.
Business in Yolanda hit Regions 6 and 8 had been given 45 days after Nov. 8 to file their sworn declaration of losses. The BIR has extended the period up to March 31, 2014.
Ormoc revenue district officer Eduardo Obero shared this information before an audience gathered for this year’s annual tax campaign held at the Sabin Resort Hotel last Friday.
Obero said the commissioner issued Revenue Memorandum Circular 18-2014 on March 18, 2014.
Henares, in the circular, said “In the light of overwhelming requests amidst the untold events brought about by Supertyphoon Yolanda”, the filing of declaration of losses arising from casualty, theft, robbery or embezzlement “is hereby extended until March 31, 2014.”
Henares said the availment of the “extraordinary relief” is “limited to losses sustained by taxpayers engaged in business in areas affected by Typhoon Yolanda, whose books of accounts and relevant records were completely damaged/destroyed, where, as a result, data reconstruction could not be achieved.”
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
