MVP Group to advance tax payments

MANILA, Philippines — The group of companies led by tycoon Manuel V. Pangilinan has committed to settle in advance P1.94 billion in taxes to support the government’s fund raising efforts amid the coronavirus disease 2019 or COVID-19 pandemic.

This is according to Mike Toledo, managing director of the MVP Group of Companies’ media bureau, who relayed the commitment to Bureau of Internal Revenue (BIR) Commissioner Caesar Dulay in a text message.

Toledo said the tax payments would be settled by April 30 despite the deadline extension granted by the BIR due to community quarantine measures in Luzon and other parts of the country.

“I’m pleased to inform you that, pursuant to your clarion call for private sector support during these perilous times by paying in advance taxes due to help government in its revenue generation and collection efforts, the MVP Group will be paying a total amount of P1.938 billion in taxes to be remitted on April 30,” Toledo said in his message to Dulay, which he shared to The STAR.

Dulay confirmed that he has received the message from the MVP Group official.

According to preliminary data from the Department of Finance, combined collections of the BIR and BOC amounted to only P641.62 billion from Jan. 1 to April 17, 26.3 percent lower than the P871.19 billion in the same period last year.

The amount was also P431.45 billion or 40 percent short of the combined target of P1.073 trillion for the period.

Of the total collections, P480.64 billion was brought in by the BIR, 32 percent lower than the P706.79 billion recorded in the same period last year.

The figure was also 45.3 percent lower than the BIR’s target of P879.18 billion for the period, preliminary data from the DOF showed.

The DOF attributed the decline in the BIR’s collection to the enhanced community quarantine in Luzon and other parts of the country, which prompted the agency to extend the deadline for the filing and payment of income taxes and other taxes.