REVENUE MEMORANDUM CIRCULAR NO. 65-2021 issued on May 24, 2021 prescribes the guidelines in the filing of Quarterly Percentage Tax Return (BIR Form No.2551Q), which tax rate has been decreased from 3% to 1% starting July 1, 2020 to June 30, 2023 pursuant to Republic Act No. 11534 (CREATE Act).
Taxpayers who are going to amend their filed quarterly returns to reflect the excess Percentage Tax payment made and to be carried forward to the succeeding taxable quarter/s shall follow these:
| BIR Form | Line Item and Description | Last Remarks |
|---|---|---|
| 2551Q January 2018 (ENCS) | Line 17 - Other Tax Credit/Payment | Specify in the space provided the “Carry-Over Excess Percentage Tax (PT) Paid from Previous Quarter/s" |