MANILA, Philippines - The government’s financial resources received a big boost from the Philippine Charity Sweepstakes Office (PCSO) after the agency remitted more than P12.26 billion to the Bureau of Internal Revenue (BIR). Of this amount, P10.56 billion represents income generated through documentary stamp taxes collected from 2011 to 2013 and P1.7 billion in deficiency taxes inherited from past management.
PCSO chairperson Margarita P. Juico said this huge remittance is in keeping with the fiscal reforms and the policy adopted by the agency after the present Board assumed office in July 2010. The policy calls for up-to-date payment of all taxes due the agency and resulted in the payment of P1.7 billion in back taxes for 2007-2010.
“The present board is prioritizing payment of taxes as the PCSO’s way of augmenting funds for the health and welfare program of the national government. We had to implement measures to our profitability and cut operating costs to service our current taxes, including this P1.7 billion in back taxes incurred and left unpaid by the past management,†Juico added.
She said the board is pleased with the remittance of the P10.56 billion earned from documentary stamp taxes of sweepstakes, keno and lotto in the past three years. She clarified that this amount does not include payments for income taxes, real property taxes and other tax obligations that PCSO is diligently paying on time.
Juico also disclosed that on top of the said fiscal reforms, the agency has instituted measures to gain certification this year from the international Organization for Standardization (ISO) 9001:2008. She said this is part of PCSO’s effort to improve its charitable and social services to the public.