Manila, Philippines - The Bureau of Internal Revenue (BIR), which accounts for 70 percent of total government revenues, is tasked to collect P87.35 billion in July but is hoping to exceed the target again by at least P5 billion as it did in June.
To surpass this month’s goal, the BIR yesterday reminded taxpayers of the July 16 second installment deadline for payment of taxes.
Individual taxpayers who chose to pay their 2011 tax dues in two installments have until July 16 to pay the second tranche of their obligations, BIR Commissioner Kim Henares said.
Under the National Internal Revenue Code (NIRC) of 1997, when the tax due exceeds P2,000, the taxpayer may pay in two installments, with first installment to be paid at the time the return is filed which is on or before April 15.
The second installment is due “on or before July 15 of the same year,” the NIRC said.
The BIR said that since July 15 this year falls on a Sunday, the deadline is automatically moved to the next working day, which is July 16.
Henares said that as with the April 16 income tax filing and payment deadline, there would be no extension for the second installment deadline.
Because of the second installment deadline, the BIR has a higher goal for the month of July.
But Henares said the agency is hoping to replicate the P5.94-billion surplus posted last month.
The BIR collected P81.34 billion in taxes in June, surpassing by 7.88 percent or P5.94 billion the P75.4-billion target set for the month.
The June 2012 collections also exceeded year-ago figures by P14.44 billion or 21.58 percent, the BIR said.
The latest tax-take brought the BIR’s January to June revenues to P521.16 billion, higher by P63.16 billion or 13.79 percent compared to the collections in the same period last year, data from the bureau also showed.
Henares attributed the better-than-expected collections of the bureau last month to the sustained positive performance of the Regional Offices as well as the Large Taxpayer Service (LTS) Group, which is in charge of taxing the big private companies.