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BIR Form 1702-RT: The Ultimate Guide for Filing Your Income Tax Return

What is BIR Form 1702-RT and Who Should File It?

If you are a corporation, partnership, or other non-individual taxpayer in the Philippines, you may need to file BIR Form 1702-RT or the Annual Income Tax Return for Corporation, Partnership and Other Non-Individual Taxpayer Subject Only to REGULAR Income Tax Rate. This article will explain what this form is, who should file it, how to fill it up, how to file and submit it online, and some frequently asked questions about it.

Definition and Purpose of BIR Form 1702-RT

BIR Form 1702-RT is a tax form that is used to report the income tax liability of non-individual taxpayers who are subject only to the regular income tax rate of 30%. The form shows the computation of the taxable income, the tax due, the tax credits or payments, and the balance payable or refundable. The form also includes information on the balance sheet and income statement of the taxpayer, as well as the tax relief availment and the external auditor or accredited tax agent details.

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Taxpayers Subject to Regular Income Tax Rate

According to the Bureau of Internal Revenue (BIR), the following taxpayers are required to file BIR Form 1702-RT:

  • Domestic corporations (including co-operatives) that derive income from sources within and outside the Philippines;

  • Resident foreign corporations that derive income from sources within the Philippines;

  • Non-resident foreign corporations that have a branch office in the Philippines that derive income from sources within the Philippines;

  • Partnerships (general professional partnerships or GPPs are exempted) that derive income from sources within and outside the Philippines;

  • Joint ventures or consortiums that are taxable as corporations;

  • Other non-individual taxpayers not specifically subject to another income tax rate under existing laws.

How to Fill Up BIR Form 1702-RT

BIR Form 1702-RT consists of six parts and three schedules. The following are the instructions on how to fill up each part of the form:

Part I - Background Information

This part contains basic information about the taxpayer, such as:

  • Taxpayer Identification Number (TIN);

  • Registered Name;

  • Registered Address;

  • Contact Number;

  • Email Address;

  • Main Line of Business/Industry Classification Code;

  • Taxable Year Ended;

  • Date of Incorporation/Organization/Registration;

  • Type of F - Filer Status (whether single proprietorship, partnership, corporation, etc.);

  • Method of Deduction (whether itemized or optional standard deduction);

  • Method of Accounting (whether cash or accrual);

  • Amended Return (whether yes or no);

  • Number of Sheet/s Attached (if any).

Part II - Computation of Tax

This part shows the computation of the taxable income, the tax due, the tax credits or payments, and the balance payable or refundable. The following are the steps to compute the tax:

  • Enter the gross income from trade or business or profession (Schedule 1) and other income (Schedule 2) in Items 17A and 17B, respectively. Add them to get the total gross income in Item 17C.

  • Deduct the allowable deductions from gross income (Schedule 3) in Item 18A. Enter the optional standard deduction (40% of gross income) in Item 18B, if applicable. Choose the higher amount between Item 18A and Item 18B and enter it in Item 18C.

  • Subtract Item 18C from Item 17C to get the taxable income before net operating loss carry-over (NOLCO) in Item 19.

  • Enter the NOLCO in Item 20A, if any. Subtract it from Item 19 to get the taxable income in Item 20B.

  • Multiply Item 20B by the regular income tax rate of 30% to get the income tax due in Item 21.

  • Enter the tax credits/payments in Items 22A to 22M, such as prior year's excess credits, quarterly income tax payments, creditable withholding taxes, etc. Add them to get the total tax credits/payments in Item 22N.

  • Subtract Item 22N from Item 21 to get the balance of tax due/(overpayment) in Item 23.

  • If Item 23 is positive, enter it in Item 24A as the tax still due. Add the surcharge, interest, and compromise penalty, if any, in Items 24B to 24D. Add them to get the total amount payable in Item 24E.

  • If Item 23 is negative, enter it in Item 25A as the overpayment. Indicate whether you want to be refunded or to claim a tax credit for next year in Item 25B.

Part III - Balance Sheet Information

This part shows the balance sheet information of the taxpayer as of the end of the taxable year. The following are the items to be filled out:

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  • Current Assets (such as cash, receivables, inventories, etc.) in Items 26A to 26H;

  • Non-Current Assets (such as property, plant and equipment, investments, intangibles, etc.) in Items 27A to 27G;

  • Total Assets (sum of Items 26I and 27H) in Item 28;

  • Current Liabilities (such as payables, accruals, current portion of long-term debt, etc.) in Items 29A to 29G;

  • Non-Current Liabilities (such as long-term debt, deferred tax liability, etc.) in Items 30A to 30D;

  • Total Liabilities (sum of Items 29H and 30E) in Item 31;

  • Capital Stock (if applicable) in Item 32;

  • Additional Paid-in Capital (if applicable) in Item 33;

  • Retained Earnings (Appropriated/Unappropriated) in Items 34 and 35, respectively;

  • Total Equity (sum of Items 32 to 35) in Item 36;

  • Total Liabilities and Equity (sum of Items 31 and 36) in Item 37.

Part IV - Income Statement Information

This part shows the income statement information of the taxpayer for the taxable year. The following are the items to be filled out:

  • Gross Sales/Revenues/Receipts/Fees (such as sales of goods, rendering of services, etc.) in Items 38A to 38D;

  • Less: Sales Returns, Allowances and Discounts in Item 39;

  • Net Sales/Revenues/Receipts/Fees (Item 38E minus Item 39) in Item 40;

  • Cost of Sales/Services (such as direct materials, direct labor, factory overhead, etc.) in Items 41A to 41D;

  • Gross Income from Operation (Item 40 minus Item 41E) in Item 42;

  • Other Income (such as interest income, dividend income, gain on sale of assets, etc.) in Items 43A to 43D;

  • Total Gross Income (sum of Items 42 and 43E) in Item 44;

  • Operating Expenses (such as salaries and wages, taxes and licenses, depreciation and amortization, etc.) in Items 45A to 45K;

  • Total Operating Expenses (sum of Items 45A to 45K) in Item 46;

  • Income from Operation (Item 44 minus Item 46) in Item 47;

  • Add: Non-Operating and Other Income/(Expenses) (such as interest expense, loss on sale of assets, etc.) in Items 48A to 48D;

  • Total Non-Operating and Other Income/(Expenses) (sum of Items 48A to 48D) in Item 49;

  • Net Income/(Loss) Before Income Tax (Item 47 plus/minus Item 49) in Item 50;

  • Less: Income Tax Expense (Current and Deferred) in Items 51A and 51B, respectively;

  • Net Income/(Loss) After Income Tax (Item 50 minus Item 51C) in Item 52.

Part V - Tax Relief Availment

This part shows the tax relief availment of the taxpayer under special laws or international tax treaties. The following are the items to be filled out:

  • Special Tax Rate (such as preferential rate, final tax, etc.) in Item 53A;

  • Type of Income Payment (such as dividends, royalties, etc.) in Item 53B;

  • ATC/Nature of Tax Relief (such as tax treaty, tax sparing, etc.) in Item 53C;

  • Taxable Amount of Income Payment in Item 53D;

  • Tax Rate in Item 53E;

  • Tax Required to be Withheld/Paid in Item 53F.

Part VI - Information - External Auditor/Accredited Tax Agent

This part shows the information of the external auditor or accredited tax agent who audited or prepared the financial statements and income tax return of the taxpayer. The following are the items to be filled out:

  • Name of Individual/Name of Firm in Item 54A/54B;

  • TIN of Individual/TIN of Firm in Item 55A/55B;

  • BOA/BIR Accreditation No. in Item 56A/56B;

  • Issue Date in Item 57A/57B;

  • Expiry Date in Item 58A/58B.

How to File and Submit BIR Form 1702-RT Online

BIR Form 1702-RT can be filed and submitted online using the Electronic Bureau of Internal Revenue Forms (eBIRForms) system. The following are the steps to file and submit the form online:

Download and Install eBIRForms Package

The eBIRForms Package is a software application that allows taxpayers to fill up tax forms offline and submit them online. The package can be downloaded from the BIR website at . The package contains different versions of BIR Form 1702-RT for different taxable y


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