MANILA, Philippines - The Bureau of Internal Revenue (BIR) has raised its collection target from large taxpayers for this year to P768.31 billion, up 14 percent from the P674.82 billion target in 2012.
The amount represents 62.7 percent of the BIR’s total collections goal for 2013 of P1.25 trillion, which was based on the 2013 Medium Term Revenue Program.
Data from the BIR showed that of the P768.31 billion, P430.56 billion will come from net income taxes, P101.94 billion from excise taxes, P159.66 billion from value-added taxes, P41.84 billion from percentage taxes, and P34.28 billion from other taxes.
Under Revenue Regulations 17-2010, the following are automatically classified as candidate to be a large taxpayer and will be notified in writing as such by the BIR: subsidiaries, affiliates and entities of conglomerates/group of companies of a large taxpayer, multinational firms with authorized capital of at least P300 million, publicly-listed corporation, universal/commercial and foreign banks, the surviving company in case of merger /consolidation involving a large taxpayer, and any corporation that absorbs the operation in case of spin-offss of any large taxpayer.
A corporation is also considered large if it has an authorized capital of at least P300 million.