Who are required to file?

Every corporation or partnership subject to income tax shall file a quarterly summary declaration of its gross income and deductions on a cumulative basis.

Time of filing and payment

The return shall be filed and the tax paid within 60 days from the close of each of the first three (3) quarters of the taxable year, whether calendar or fiscal.

Time of filing final or adjustment return

A final or adjustment return shall be filed on or before the 15th day of the 4th month following the close of the calendar or fiscal taxable year.

Final payment of income tax

The amount of income tax to be paid shall be the balance of the tax on the final return after deducting therefrom the quarterly income taxes paid during the preceding first three quarters of the same calendar or fiscal taxable year.

Note: If quarterly payments exceed the tax on the final return, the excess shall either be (1) Refunded or (2) Credited against the estimated quarterly income tax liabilities for the quarter of the succeeding taxable year.

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CPA Mentor,



About Jonathan Ruiz CPA

Entrepreneur, CPA Mentor, Stock market Newbie Mentor, Influential Author and Master's Degree in International Business graduate in Hult International Business School, UK. A father of two lovely daughters.
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