Tax Paying Form BIR51/BIR52: Changes in Company Ownership. Do they belong on the Tax Return?

Let’s say your company has changed from a partnership into a sole proprietorship. Should this change be reported in the Profits Tax Return?

And here is what you should do: The profits/(loss) of the business for the full basis period of the year of change should be reported in the Profits Tax Return (BIR52) for the partnership file.

In subsequent years, the profit/(loss) should be reported in the Profits Tax Return (BIR52) or Tax Return – Individuals (BIR60) as the case may be.