BIR optimistic of meeting P147-B target for April

MANILA, Philippines -  The Bureau of Internal Revenue (BIR) is hopeful it will meet its April collection target of P147 billion as it sees more businessmen, professionals and corporations pay their taxes following the government’s declaration of an all-out war against tax evaders.

“We will try our best,” said BIR Commissioner Kim Henares when asked whether the agency would meet or even exceed collection goal for April this year.

The BIR aims to collect P232.67 billion in the first quarter of the year, slightly higher than last year’s P229.04 billion.

The agency is looking at higher collections in the next three quarters – P358.3 billion (April-June), P306.87 billion (July-September) and P321.43 bilion (October-December).

For the whole of 2013, the BIR is targeting to collect a record P1.25 trillion or an increase of 18 percent from actual collections of P1.057 trillion a year ago. 

The forecast took into account the expected P34 billion in additional revenues to be raised during the first year of implementation of the sin tax measure.

The sin tax bill increased the excise tax rates on tobacco products and alcoholic beverages.

The BIR yesterday reminded taxpayers of the April 15 deadline for filing income tax returns to avoid penalties.

Late taxpayers will be slapped with a 25 percent surcharge and an interest of 20 percent per annum.

Penalties will be imposed for income tax returns filed after office hours on the last filing day.

ITRs may be filed with authorized agent banks which incude Allied Bank, Bank of Commerce, BPI, China Bank, Chinatrust, Citibank N.A., Deutsche Bank, DBP, HSBC, Land Bank of the Philippines, MetroBank, PBCom, PNB, Philtrust Co., RCBC, Security Bank, Standard Chartered Bank, Union Bank and UCPB.

The banks are also open for business on Saturday, April 13 and will accept tax payments of taxpayers who are already within the bank premises before 5 pm.

Tax payment with authorized banks may be done over the counter cash, bank debit system, check payment, or electronic filing system.

Payments may also be made via the Land Bank automated service machines and China Bank pay kiosks. These kiosks provide the taxpayers facilities to pay internal revenue taxes through cash and issue acknowledgement receipt for each completed transaction.

Aside from this, payments may be made through a Revenue  Collection officer or Special Collection officer.

Tax payments not exceeding P10,000 may also be done through Globe G-cash.

According to the BIR, taxpayers must file their income tax returns with the Revenue District office or tax filing centers having jurisdiction over their legal residence or place of employment/business/principal office where they are registered.

Late tax returns or those filed beyond April 15 shall not be accepted by any authorized agent bank or revenue collection officer except where the late tax return is stamped “late filing”.

Individual taxpayers may elect to pay in two equal installments when the total tax due exceeds P2,000.  The first installment shall be filed and paid on or before April 15 and the second installment on or before July 15 using BIR form 0605.