Need to Know: BIR Form 2550Q
PUBLISHED: May 24, 2021
Similar to BIR Form 2550M, BIR Form 2550Q also known as the Quarterly Value-Added Tax Return is a form imposed on sales goods and services. An indirect tax (VAT) that is passed to the buyers who consumes the products and services.
VAT or Value Added Tax is an indirect tax which is passed to the buyer who consumes the goods or services.
This form shall be filed in triplicate by the following taxpayers;
- VAT-registered person; and
- A person required to register as a VAT taxpayer but failed to register.
This document must be filed by the above-mentioned taxpayers as long as the VAT registration has not been cancelled yet, even if there is no taxable transaction during the month or the aggregate sales for any 12-month period did not exceed the threshold of ₱1,500,000.00.
This form shall be filed not later than the 25th day following the close of each taxable quarter. The “Taxable Quarter” term means the quarter that is corresponding to the income tax quarter of the taxpayer.
Updated BIR Form 2550Q Sample
This form sample can be generated through QNE Accounting System.
In QNE Optimum Accounting System, BIR Form 2550Q, BIR Form 1601EQ and other BIR Forms and Reports can be easily generated when the company records the Billing Statements, Purchase Invoices or in Payment Vouchers or Bills. QNE Accounting System also provides accurate values that allows the company or individual to have more time in other tasks. QNE Accounting System will greatly help you prepare your BIR Forms ahead of your deadlines!
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