On March 12, 2024, the Office of Management and Budget issued Circular Letter No. 002-2024 ("Circular Letter") setting forth relevant dates in connection with the filing of volume of business declarations ("VOBD") for fiscal year 2024-2025 and the payment of the corresponding municipal license taxes. Pursuant to the Circular Letter, the generally applicable due date to file the VOBD for fiscal year 2024-2025 or a request for an extension of time to file the same is April 22, 2024. The 6-month extension period will expire on October 22, 2024.
In the case of taxpayers covered by a tax exemption grant, the VOBD for fiscal year 2024-2025 or a request for an extension of time to file the same is also April 22, 2024, but the 6-month extension period will expire on December 23, 2024.
Relevant dates in connection with the collection of interest and additions to the municipal license tax for failure to timely submit the VOBD for fiscal year 2024- 2025 are as follows:
| From | Up to | Additional Interests |
|---|---|---|
| April 23, 2024 | May 22, 2024 | 5% |
| May 23, 2024 | June 21, 2024 | 10% |
| June 22, 2024 | July 21, 2024 | 15% |
| July 22, 2024 | August 20, 2024 | 20% |
| August 21, 2024 | Onward | 25% |
Relevant dates and applicable surcharge due in connection with the late payment of municipal license taxes for the first semester of fiscal year 2024-2025 due are as follows:
| From | Up to | Number of Days | Applicable Surcharge |
|---|---|---|---|
| July 1, 2024 | July 30, 2024 | 30 days or less | 0% |
| July 31, 2024 | August 29, 2024 | 31 to 60 days | 5% |
| August 31, 2024 | Onward | 61 days or more | 10% |
Relevant dates and applicable surcharge due in connection with the late payment of municipal license taxes for the second semester of fiscal year 2024-2025 due are as follows:
| From | Up to | Number of Days | Applicable Surcharge |
|---|---|---|---|
| January 2, 2025 | January 31, 2025 | 30 days or less | 0% |
| February 1, 2025 | March 1, 2025 | 31 to 60 days | 5% |
| March 2, 2025 | Onward | 61 days of more | 10% |
Originally published 12 April 2024
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.