Know your taxes: 2550Q

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BIR Form 2550Q is also known as the Quarterly Value-Added Tax Return form. It’s like the Form 2550M only this is filed quarterly.

If you’re a VAT-registered business or a business required to register as a VAT payer, you should file 2550Q if your business’ actual gross sales or receipts exceed three million (3,000,000) pesos.

Also, if your business is in the importing of goods, you need to file 2550Q.

Form 2550Q is due within 25 days after the close of the taxable quarter.

Fill out all the necessary fields on the form, making sure all values and data are correct. For fields with options, place an X mark right next to the applicable choice.

To make form preparation less complicated, you may use Oojeema’s built-in 2550Q. Oojeema’s built-in 2550Q automatically updates as you add sales and purchase transactions. This means if you’re filing through eFPS or eBIR, you no longer have to manually compute input and output VATs. Just click generate then you can key in the amounts on the eBIR and eFPS portals.

Make tax forms filing simpler.

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