Navigating BIR Form 1702-RT (Version 2018): Your Guide to Excel Filing Filing taxes for a corporation or partnership can feel like a maze, especially with the specific requirements of the BIR Form 1702-RT (Annual Income Tax Return) . This form is critical for non-individual taxpayers whose earnings are subject only to the regular income tax rate. What is BIR Form 1702-RT? The 1702-RT (Regular Tax Rate) is used by corporations, partnerships, and other non-individual taxpayers. Under the CREATE Act, these entities are typically taxed at 25% (or 20% for certain small businesses). Why Use an Excel Format? While the eBIRForms software is the standard tool for electronic filing, many accountants prefer an Excel format for preparation. Drafting: It allows for easy computation and double-checking of figures before final submission. eFPS Uploads: For taxpayers using the Electronic Filing and Payment System (eFPS) , the system often requires specific supplemental attachments in .xls or .xlsx format. Key Steps for Filling Out the 2018 Version When using the 2018 version (specifically v2018C in eBIRForms), pay close attention to these areas: 1702-RT - BIR Subject Only to REGULAR Income Tax Rate. 1702-RT 01/18ENCS P4. Taxpayer Identification Number (TIN) Registered Name. Bureau of Internal Revenue BIR Form 1702-RT - eFPS
This is a step-by-step guide to producing an Excel-based version of the BIR Form 1702-RT (2018 version) for annual income tax filing of corporations, partnerships, and other non-individual taxpayers under the Regular Corporate Income Tax (RCIT) regime in the Philippines.
1. Understand the Form’s Purpose BIR Form 1702-RT is used by:
Domestic corporations Resident foreign corporations Partnerships (not covered by 1702-EX or 1702-MX) bir form 1702 rt version 2018 excel format
Filing under Regular Corporate Income Tax (RCIT) at 25% (or 20% if meeting certain criteria) of net taxable income.
2. Obtain the Official 2018 Version Reference Download the official PDF version from the BIR website (www.bir.gov.ph) to see:
Field labels Row/column structure Computation flow Navigating BIR Form 1702-RT (Version 2018): Your Guide
Search: BIR Form No. 1702-RT (ENCS) January 2018 (ENCS)
3. Structure Your Excel Workbook Create the following sheets in your Excel file: | Sheet Name | Content | |------------|---------| | Instructions | Basic filing notes, tax type, deadline reminders | | Part I | Taxpayer information (TIN, RDO code, registered name, address, tax year) | | Part II | Details of tax computation (gross income, deductions, taxable income, tax due) | | Part III | Summary of tax due, credits, penalties, amount payable | | Schedule 1 | Itemized deductions (optional but useful for tracing) | | Schedule 2 | Tax credits / tax paid abroad | | Schedule 3 | Details of related party transactions (if applicable) | | Validation | Checks for errors (e.g., taxable income negative) |
4. Key Fields to Include in the Main Tax Computation Based on BIR 1702-RT 2018: Part II – Computation of Taxable Income | Row | Item | Formula/Reference | |-----|------|-------------------| | 1 | Gross sales/revenues | Manual entry | | 2 | Sales returns, allowances, discounts | Manual entry | | 3 | Net sales (1–2) | =Row1 - Row2 | | 4 | Cost of sales | Manual entry | | 5 | Gross income (3–4) | =Row3 - Row4 | | 6 | Add: other taxable income | Manual entry | | 7 | Total gross income (5+6) | =Row5 + Row6 | | 8 | Deductions (Itemized or OSD) | From Schedule 1 | | 9 | Taxable income (7–8) | =Row7 - Row8 | Part III – Tax Due & Credits | Row | Item | Formula | |-----|------|---------| | 10 | Regular tax (25% of Row9) | =Row9 * 0.25 | | 11 | Minimum corporate income tax (MCIT) – if applicable | Manual or based on MCIT schedule | | 12 | Tax due (higher of 10 or 11) | =MAX(Row10, Row11) | | 13 | Less: Tax credits (CWT, foreign tax) | Manual entry | | 14 | Tax payable (12–13) | =Row12 - Row13 | | 15 | Add: Penalties (surcharge, interest, compromise) | Manual | | 16 | Total amount payable (14+15) | =Row14 + Row15 | The 1702-RT (Regular Tax Rate) is used by
5. Include MCIT Logic (Important for 1702-RT) MCIT = 2% of Gross Income (Row7). Add to your Excel:
MCIT base = Gross Income (Row7) MCIT = Row7 * 0.02 Compare RCIT (Row10) vs MCIT: use higher as tax due.
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