REVENUE MEMORANDUM CIRCULAR NO. 28-2018 issued on April 30, 2018 advises taxpayers to disregard the penalties computed by the Electronic Filing and and Payment System (eFPS) in BIR Form Nos. 1602 (Monthly Remittance Return of Final Income Taxes Withheld on Interest Paid on Deposits and Yield on Deposit Substitutes/Trusts/Etc.) and 1603 (Quarterly Remittance Return of Final Income Taxes Withheld on Fringe Benefits Paid to Employees Other than Rank-and-File) of the eFPS, provided that the payment shall be made on or before the updated deadline under the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
The reason why eFPS is computing the said penalties is that the deadline in the eFPS is still being updated, to wit:
| BIR Form No. | Old Deadline | Updated Deadline under the TRAIN Law |
|---|---|---|
| 1602 | On or before the 10th day of the following month in which withholding is made | not later than the last day of the month following the close of the quarter during which withholding was made |
| 1603 | On or before the 10th day of the month following the calendar quarter in which the fringe benefits were granted. | not later than the last day of the month following the close of the quarter during which withholding was made |
Any filing and/or payment beyond the deadline shall be subject to the applicable penalties imposed/computed by the eFPS from updated due date until actually paid.