Tax Returns-Individuals(BIR60) The Tax Return for Individuals is directed at individuals from the Year of Assessment 1993/94 onwards. This Return is a 4 in 1 consolidated return. It enables the taxpayer to report in one return all his income from the following sources:-

(1) employment, office and pension;

(2) property income from solely-owned property;

(3) profits from the carrying on of sole-proprietorship business. An election for Personal Assessment can also be made in this return.

Property Tax Return This tax return enables the taxpayers to report their income from property held under joint-ownership or co-ownership. There are two series of tax returns:- (1) BIR57 Property Tax Return for Individuals

(2) BIR58 Property Tax Return for Corporation and Bodies of Persons Profits Tax Return Profits Tax Returns are issued to Corporations and Partnership Businesses for Profits Tax purpose.

There are three series of tax return forms:-.

(1) BIR 51 Profits Tax Return - Corporations

(2) BIR 52 Profits Tax Return - Persons Other Than Corporations

(3) BIR 54 Profits Tax Return - In Respect Of Non-Resident Persons

Who must File

(1) Newly Registered Business Normally, a newly registered business will receive its first Profits Tax Return some 18 months after the date of commencement of business.

(2) Continuing Business - Annual Bulk Issue of Returns The annual exercise to issue Profits Tax Returns in bulk takes place on the first working day of April each year.

(3) Business Not Required to Submit Return Annually It is the practice of the Department not to call for the annual submission of Profits Tax Return in instances where trade or business carried on does not give rise to assessable profits or where trade or business has not commenced or has ceased and not recommenced. However, upon receipt of a Profits Tax Return which may be issued from time to time in the course of reviewing their future tax potential, the requirement to lodge the return form must still be complied with.