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BIR Form 1702

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Annual Income Tax Return
For Corporation, Partnership and Other Non-Individual Taxpayer Subject Only to REGULAR Income Tax Rate

BIR Form No. 1702-RT    June 2013    Page 1

Enter all required information in CAPITAL LETTERS. Mark applicable boxes with an “X”. Two copies MUST be filed with the BIR and one held by the taxpayer.

Part I – Background Information

1. For Calendar Fiscal

2. Year Ended (MM/20YY)

3. Amended Return? Yes No

4. Short Period Return? Yes No

5. Alphanumeric Tax Code (ATC)

6. Taxpayer Identification Number (TIN)    7. RDO Code

8. Date of Incorporation/Organization

9. Registered Name

10. Registered Address

11. Contact Number    12. Email Address

13. Main Line of Business    14. PSIC Code

15. Method of Deductions

Itemized Deductions [Sections 34 (A-J), NIRC]

Optional Standard Deduction (OSD) – 40% of Gross Income [Section 34(L), NIRC as amended by RA No. 9504]

Part II – Total Tax Payable (Do NOT enter Centavos)

16. Total Income Tax Due (Overpayment)

17. Less: Total Tax Credits/Payments

18. Net Tax Payable (Overpayment)

19. Add: Total Penalties

20. TOTAL AMOUNT PAYABLE (Overpayment)

21. If Overpayment, mark “X” one box only

To be refunded    To be issued a Tax Credit Certificate (TCC)    To be carried over as a tax credit for next year/quarter

We declare under the penalties of perjury, that this annual return has been made in good faith, verified by us, and to the best of our knowledge and belief, is true and correct pursuant to the provisions of the National Internal Revenue Code, as amended, and the regulations issued under authority thereof. (If Authorized Representative, attach authorization letter and indicate TIN)

Signature over printed name of President/Principal Officer/Authorized Representative

Title of Signatory

Signature over printed name of Treasurer/Assistant Treasurer

Number of pages filed

22. Community Tax Certificate (CTC) Number/SEC Reg. No.

23. Date of Issue

24. Place of Issue    25. Amount, if CTC

Part III – Details of Payment

26. Cash/Bank Debit Memo

Drawee Bank/Agency Number Date Amount

27. Check

Drawee Bank/Agency Number Date Amount

28. Tax Debit Memo

Drawee Bank/Agency Number Date Amount

29. Others (Specify Below)

Machine Validation/Revenue Official Receipt Details (if not filed with an Authorized Agent Bank)

Stamp of receiving Office/AAB and Date of Receipt (RO’s Signature/Bank Teller’s Initial)

Page 2 – Part IV: Computation of Tax

30. Net Sales/Revenues/Receipts/Fees

31. Less: Cost of Sales/Services

32. Gross Income from Operation

33. Add: Other Taxable Income Not Subjected to Final Tax

34. Total Gross Income

35. Ordinary Allowable Itemized Deductions

36. Special Allowable Itemized Deductions

37. NOLCO

38. Total Itemized Deductions

39. Optional Standard Deduction

40. Net Taxable Income

41. Income Tax Rate

42. Income Tax Due other than MCIT

43. Minimum Corporate Income Tax (MCIT)

44. Total Income Tax Due

45. Less: Total Tax Credits/Payments

46. Net Tax Payable (Overpayment)

47. Surcharge

48. Interest

49. Compromise

50. Total Penalties

51. Total Amount Payable (Overpayment)

Part V – Tax Relief Availment

52. Special Allowable Itemized Deductions

53. Add: Special Tax Credits

54. Total Tax Relief Availment

Part VI – Information - External Auditor/Accredited Tax Agent

55. Name of External Auditor/Accredited Tax Agent

56. TIN

57. Name of Signing Partner

58. TIN

59. BIR Accreditation No.    60. Issue Date    61. Expiry Date

Schedules 1 & 2

Schedule 1 - Sales/Revenues/Receipts/Fees

1. Sale of Goods/Properties

2. Sale of Services

3. Lease of Properties

4. Total

5. Less: Sales Returns, Allowances and Discounts

6. Net Sales/Revenues/Receipts/Fees

Schedule 2A - Cost of Sales (For those Engaged in Trading)

1. Merchandise Inventory - Beginning

2. Add: Purchases of Merchandise

3. Total Goods Available for Sale

4. Less: Merchandise Inventory, Ending

5. Cost of Sales

Schedule 2B - Cost of Sales (For those Engaged in Manufacturing)

6. Direct Materials, Beginning

7. Add: Purchases of Direct Materials

8. Materials Available for Use

9. Less: Direct Materials, Ending

10. Raw Materials Used

11. Direct Labor

12. Manufacturing Overhead

13. Total Manufacturing Cost

14. Add: Work in Process, Beginning

15. Less: Work in Process, Ending

16. Cost of Goods Manufactured

17. Finished Goods, Beginning

18. Less: Finished Goods, Ending

19. Cost of Goods Manufactured and Sold

Schedule 2C - Cost of Services

20. Direct Charges - Salaries, Wages and Benefits

21. Direct Charges - Materials, Supplies and Facilities

22. Direct Charges - Depreciation

23. Direct Charges - Rental

24. Direct Charges - Outside Services

25. Direct Charges - Others

26. Total Cost of Services

27. Total Cost of Sales/Services

Schedules 3 & 4

Schedule 3 - Other Taxable Income Not Subjected to Final Tax

1.

2.

3.

4. Total Other Taxable Income Not Subjected to Final Tax

Schedule 4 - Ordinary Allowable Itemized Deductions

1. Advertising and Promotions

Amortizations (Specify on Items 2, 3 & 4)

2.

3.

4.

5. Bad Debts

6. Charitable Contributions

7. Commissions

8. Communication, Light and Water

9. Depletion

10. Depreciation

11. Director's Fees

12. Fringe Benefits

13. Fuel and Oil

14. Insurance

15. Interest

16. Janitorial and Messengerial Services

17. Losses

18. Management and Consultancy Fee

19. Miscellaneous

20. Office Supplies

21. Other Services

22. Professional Fees

23. Rental

24. Repairs and Maintenance - (Labor or Labor & Materials)

25. Repairs and Maintenance - (Materials/Supplies)

26. Representation and Entertainment

27. Research and Development

28. Royalties

29. Salaries and Allowances

Schedules 5 & 6

30. Security Services

31. SSS, GSIS, Philhealth, HDMF and Other Contributions

32. Taxes and Licenses

33. Tolling Fees

34. Training and Seminars

35. Transportation and Travel

Others (Specify below)

40. Total Ordinary Allowable Itemized Deductions

Schedule 5 - Special Allowable Itemized Deductions

Description Legal Basis Amount

Total Special Allowable Itemized Deductions

Schedule 6 - Computation of Net Operating Loss Carry Over (NOLCO)

1. Gross Income

2. Less: Total Deductions Exclusive of NOLCO & Deduction Under Special Law

3. Net Operating Loss

Schedule 6A - Computation of Available Net Operating Loss Carry Over (NOLCO)

Year Incurred A) Amount B) NOLCO Applied Previous Year

C) NOLCO Expired D) NOLCO Applied Current Year E) Net Operating Loss (Unapplied)

Total NOLCO

Schedules 7, 8 & 9

Schedule 7 - Tax Credits/Payments

1. Prior Year's Excess Credits Other Than MCIT

2. Income Tax Payment under MCIT from Previous Quarter/s

3. Income Tax Payment under Regular/Normal Rate from Previous Quarter/s

4. Excess MCIT Applied this Current Taxable Year

5. Creditable Tax Withheld from Previous Quarter/s per BIR Form No. 2307

6. Creditable Tax Withheld per BIR Form No. 2307 for the 4th Quarter

7. Foreign Tax Credits

8. Tax Paid in Return Previously Filed

9. Special Tax Credits

10. Other Credits/Payments

11. Other Credits/Payments

12. Total Tax Credits/Payments

Schedule 8 - Computation of Minimum Corporate Income Tax (MCIT)

Year A) Normal Income Tax as Adjusted B) MCIT C) Excess MCIT over Normal Income Tax

D) Excess MCIT Applied/Used for Previous Years E) Expired Portion of Excess MCIT F) Excess MCIT Applied this Current Taxable Year G) Balance of Excess MCIT Allowable as Tax Credit for Succeeding Year/s

4. Total Excess MCIT

Schedule 9 - Reconciliation of Net Income per Books Against Taxable Income

1. Net Income/(Loss) per books

2. Add: Non-deductible Expenses/Taxable Other Income

3.

4. Total

5. Less: A) Non-taxable Income and Income Subjected to Final Tax

6.

7. B) Special Deductions

8.

9. Total

10. Net Taxable Income (Loss)

Schedule 10 - Balance Sheet

Assets

1. Current Assets

2. Long-Term Investment

3. Property, Plant and Equipment – Net

4. Long-Term Receivables

5. Intangible Assets

6. Other Assets

7. Total Assets

Liabilities and Equity

8. Current Liabilities

9. Long-Term Liabilities

10. Deferred Credits

11. Other Liabilities

12. Total Liabilities

13. Capital Stock

14. Additional Paid-in Capital

15. Retained Earnings

16. Total Equity

17. Total Liabilities and Equity

Schedule 11 - Stockholders Partners Members Information

Registered Name TIN Capital Contribution % to Total

Schedules 12 & 13

Schedule 12 - Supplemental Information

1. Interests - Exempt Actual Amount/Fair Market Value/Net Capital Gains Final Tax Withheld/Paid

2. Royalties

3. Dividends

4. Prizes and Winnings

5. Description of Property

6. OCT/TCT/CCT/Tax Declaration No.

7. Certificate Authorizing Registration (CAR) No.

8. Actual Amount/Fair Market Value/Net Capital Gains

9. Final Tax Withheld/Paid

Schedule 13 - Gross Income/Receipts Exempt from Income Tax

1. Return of Premium

2. Description of Property

3. Mode of Transfer

4. Certificate Authorizing Registration (CAR) No.

5. Actual Amount/Fair Market Value

6. Other Exempt Income/Receipts Under Sec. 32(B)

7. Actual Amount/Fair Market Value/Net Capital Gains

8. Total Income/Receipts Exempt from Income Tax

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What BIR Form 1702 is and where it fits

BIR Form 1702 is the Philippine annual income tax return used by corporations, partnerships, and other non-individual taxpayers to report taxable income, compute corporate income tax and other related liabilities, and reconcile taxes withheld and paid. The form collects entity identifiers, accounting period data, gross income and deductions, tax credits, and schedules for special tax treatment. Filers normally attach audited financial statements, tax schedules, and supporting exhibits required by the Bureau of Internal Revenue. Local filing procedures, deadlines, and payment mechanisms are governed by the BIR and may include electronic filing channels or physical submission depending on the taxpayer's registration and capacity.

Why accurate completion of Form 1702 matters

Completing Form 1702 correctly ensures statutory compliance, avoids assessment or enforcement actions, and establishes the audit trail needed for corporate tax credits and refunds. Accurate reporting reduces the risk of adjustments during audit and speeds resolution of outstanding tax issues.

Why accurate completion of Form 1702 matters

Who typically prepares and files Form 1702

Responsibility for filing and payment rests with the taxpayer; engagement of qualified tax professionals is common for complex corporate returns.

  • In-house tax or finance teams — corporate bookkeeping and tax computation responsibility.
  • External tax practitioners — certified public accountants preparing returns and attachments.
  • Authorized officers — company president, treasurer, or designated representative signing the return.

Essential fields and identifiers on Form 1702

Taxpayer Name: Registered corporate legal name
TIN: Taxpayer Identification Number
Filing Year: Calendar or fiscal year
Gross Income: Total reported receipts
Tax Computation: Tax base and rates applied
Signatory: Authorized officer signature

Step-by-step filing workflow for Form 1702

Follow a consistent sequence from preparation through submission to reduce errors and ensure attachments are complete.

  • 01
    Prepare Records: Gather financials, schedules, and supporting documents.
  • 02
    Populate Form: Enter all fields and double-check numeric totals.
  • 03
    Review and Sign: Authorized officer reviews and signs; tax practitioner verifies.
  • 04
    Submit Return: File by the BIR's accepted channel and retain proof of submission.

Options for completing Form 1702 digitally

Choose a secure platform or tax software to populate fields, attach schedules, and store submission receipts. Configure permissions and audit logging for reviewer sign-off.

Field Configuration
Template Setup Map form fields to accounting export columns
Role Permissions Assign preparer, reviewer, and approver roles
Attachment Handling Require mandatory exhibits before final submit
Audit Trail Enable timestamp, signer ID, and change logs

Where Form 1702 is sent after completion

Submission depends on taxpayer registration: options may include online e-filing portals or physical submission to the designated BIR office.

  • Local BIR Office: Physical submission if not enrolled for e-filing
  • E-Filing Portal: Upload PDFs and supporting schedules online
  • Authorized Agent: Submit through engaged tax practitioner
  • Payment Channels: Pay taxes via bank, electronic channels, or BIR collections

Digital signing and platform considerations

Ensure the platform supports the evidence your local tax authority accepts for electronic submission and that you retain reproducible copies of signed returns.

  • Security: TLS in transit; AES at rest
  • Audit Trail: Timestamps, IP, and signer details
  • Authentication: Email, SMS, or stronger methods

Timing considerations and typical filing windows

Deadlines for Form 1702 are set by the Bureau of Internal Revenue and can vary by taxpayer type and tax year; consult BIR guidance for exact dates each filing season.

Annual Filing Window:

Check BIR annual schedule for due date

Payment Timing:

Tax due dates may coincide with filing or be separate

Extensions:

Extension rules, if any, are determined by BIR

Installments:

Some taxes may allow installment arrangements

Late Filing Alerts:

Late submission typically triggers penalties and interest

Common mistakes to avoid when preparing Form 1702

  • Incomplete attachments — missing audited financial statements or required schedules often cause returns to be returned or queried.
  • Mismatched taxpayer information — inconsistent names or TINs across documents delay processing and reconciliation.
  • Incorrect arithmetic — simple addition errors on summarized schedules trigger manual adjustments and audits.
  • Unsigned or improperly authorized returns — signatures from unauthorized individuals can render the filing invalid.

Potential penalties and risks of incorrect filing

Late Filing: Monetary fines and interest
Underpayment: Interest and increased assessments
Misreporting: Penalties and audit exposure
Missing Exhibits: Return may be disallowed or queried
Identity Errors: Credit/withholding mismatch risk
Enforcement: Potential administrative or legal action

Electronic signature types: what they mean for filing

Different electronic signature technologies provide varying levels of assurance; choose the method aligned to evidentiary needs and local acceptance.

Criteria Electronic Signature Digital Signature
Legal definition broad acceptance cryptographic pki
Non-repudiation audit trail-based certificate-based
Typical use case low-mid assurance filings high-assurance regulatory filings
Implementation simple overlay pki integration required

Vendor pricing snapshot for eSignature solutions

Comparing fundamental cost and capability indicators for common eSignature providers. signNow appears first per this comparison.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes Yes Yes Yes Varies
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes (BAA) Varies Varies Varies Varies

Who is authorized to sign and why it matters

Company President

The company president or chief executive typically has statutory authority to sign corporate returns and attest statements; their signature binds the corporation and confirms the accuracy of information.

Authorized Representative

A designated officer or external tax practitioner may sign if authorized by corporate resolution or power of attorney; ensure written authorization is retained with the filing.

Representative scenarios for filing and eSigning

Real-world examples illustrate how organizations streamline preparation, review, and signing of corporate returns.

Optica Ventures

Optica centralized tax document workflows to reduce review cycles.

  • The team automated schedules and approvals.
  • Resulting consistency reduced post-filing queries and improved document traceability for audits and internal controls.

Tech Data

Tech Data integrated eSignature into financial close processes.

  • Bulk routing simplified multiple signers.
  • The company reported faster internal approvals and clearer audit trails for external reviewers.

Common questions and practical answers for Form 1702

Answers to frequent issues encountered when preparing, signing, and submitting corporate tax returns and related exhibits.


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