Guide for Taxpayers whose line of business is Land Transport Service
with Certificate of Public Convenience (CPC)
Granted by LTFRB
Examples: Jeepney, Bus, Taxi, TNVS with CPC
ATC - PT 040
Common Carrier Tax
Tax Rate 3%
Schedules to Remember
Quarterly Percentage Tax for the year 2024
BIR Form 2551Qv2018
Firsrt Quarter (January 1 to March 31) - April 25, 2024
https://youtu.be/79wjrV8nrZc
Second Quarter (April 1 to June 30) - July 25, 2024
https://youtu.be/7gZV1bJryx4
Third Quarter (July 1 to September 30) - October 25, 2024
https://youtu.be/IVmkeIVJZjs
Fourth Quarter (October 2 to December 31) - January 25, 2025
Quarterly Income Tax Return (BIR Form 1701Qv2018)
Choose Graduated Rates
Method of Deduction: Choose between 40% OSD and Itemized Deductions
Videos for 40% OSD-
INCOME TAX GRADUATED RATES- OSD: https://www.youtube.com/playlist?list=PLhv2d659sAa-vWCIscgfyNNiyUFZMOoFz
Videos for Itemized Deductions-
INCOME TAX GRADUATED RATES- ITEMIZED DEDUCTION: https://www.youtube.com/playlist?list=PLhv2d659sAa9G_GAkmgZ6thWzPNSTZlAC
Deadlines:
First Quarter 1701Q - May 15, 2024
Second Quarter 1701Q - August 15, 2024
Third Quarter 1701Q - November 15, 2024
Take Note: No Fourth Quarter
Annual Income Tax (Form 1701/1701A)
Option No 1: Use Form 1701A if you choose OSD
Graduated Rates -OSD
Just input the amount of Total Gross Receipts for the whole year
https://youtu.be/MbKgnqszJEw
Option No 2: Use BIR Form 1701v2018 if you choose Itemized Deductions
https://youtu.be/5DTRIGR2RF4
BIR RMC 70-2015
https://drive.google.com/file/d/1gFa3Q5wqwfHCd2nJbkDpS609XE6zlWjP/view?usp=drivesdk
Great blog! Your detailed insights on Annual Compliance for Private Limited companies are truly helpful for business owners and entrepreneurs. Staying compliant with ROC filings, tax regulations, and financial disclosures is crucial for smooth operations, and you’ve explained it perfectly. Your effort in breaking down complex compliance requirements into easy-to-understand points is commendable. Keep up the great work in sharing valuable knowledge! Looking forward to more such informative posts.
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