Use of credit cards for tax payment sought
October 31, 2014 | 3:15pm
MANILA, Philippines - A bill proposing to allow the use of credit cards or debit cards for tax payment was filed at the House of Representatives.
Paranaque City Rep. Eric Olivarez authored House Bill 5095 to encourage individuals to pay taxes and lessen tax evasion cases in the country.
Visit our Bill Tracker to view other measures authored and co-authored by the lawmaker
The proposed measure provides that only credit cards or debit cards issued under an individual can be used to pay taxes.
"The bank on the other hand, will have no trouble collecting the accumulated credit card debt from its individual cardholders because it has been expertly doing this practice for decades now," Olivarez said.
The Bureau of Internal Revenue will select companies that will process credit and debit cards which may charge taxpayers a processing fee.
The confidentiality rule mandated in the proposed measure disallows any person to disclose information on credit or debit card transactions.
"Likewise, they may disclose such information for purposes directly related to statistical risk and profitability; transferring receivables, accounts, or interests therein; auditing the account information and complying with the laws of the Philippines or any valid court order pursuant to a criminal investigation," the lawmaker said.
The taxpayer will be liable with the bank which issued the card if proven that tax payment was done fraudulently or in contravention of any law, especially evading tax obligations.
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