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Income tax take to boost BIR revenues

April 15, 2019

Income taxes due today are expected to provide a significant boost to the Bureau of Internal Revenue’s haul for the month, a senior official said.

“[We are ] still hopeful [that] we [will] exceed actual collections…,” BIR Deputy Commissioner Marissa Cabreros told The Manila Times over the weekend, referring to the bureau’s P232.6-billion take in April last year, which was 24 percent or P44.9 billion better compared to a year earlier.

“I do not have goal allocated for April 2019 but to recall, the April 2018 collection on annual income tax was computed based on old law while the expected collected this April 2019 is now based on Train law which made huge reduction on personal income tax rate,” she added.

The lower tax rates, Cabreros said, could have encouraged taxpayers to voluntarily file their tax returns that are due today, April 15.

Taxpayers have been encouraged to file their returns today through the use of Electronic BIR Forms, which has been mandatory since 2014 for all tax returns.

Returns filed and taxes paid after the deadline will be slapped with corresponding sanctions such as a 25 percent surcharge, 12 percent interest per annum and compromise penalties.

Besides personal income taxes, the bureau is also expecting corporate income tax collections to contribute to this year’s revenues once Congress approves reforms under Package 2 of the government’s Comprehensive Tax Reform Program.

The House of Representatives approved its version of the package—the Tax Reform for Attracting Better and High-Quality Opportunities (Trabaho) bill—in September but the Senate version remains pending at the committee level.

The BIR has a collection target of P2.339 trillion for this year, 19 percent higher than last year’s below-target result of P1.961 trillion.

Credit belongs to : www.manilatimes.net

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