BIR eyes P647.335 B in income taxes

BIR eyes P647.335 B in income taxes

Manila : Philippines | Apr 14, 2012 at 8:27 AM PDT
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The Bureau of Internal Revenue (BIR) is eyeing to collect P647.335 billion in income taxes from taxable year 2011 as it reminded taxpayers to file their income tax returns by Monday, April 16.

Traditionally, the annual tax-filing deadline is April 15, which falls on a Sunday this year.

The BIR, which accounts for 70 percent of total government revenues, collects the highest monthly tax-take during the month of April.

BIR Commissioner Kim Henares said the tax agency’s regional district offices would be open today, April 14, from 8 a.m. to 5 p.m.

In an advisory, the BIR also said that payments may be made over the counter through its authorized agent banks or through the agency’s electronic filing system. Its authorized agent banks that are accepting payments for 2011 income taxes are Allied Bank, Bank of Commerce, Bank of the Philippine Islands, China Bank, Chinatrust, Citibank, Deutsche, Development Bank of the Philippines, Eastwest Bank and HSBC.

Other authorized agent banks are the Land Bank of the Philippines, Metrobank, PBCom, the Philippine National Bank, the Philippine Veterans Bank, Philtrust Bank, Rizal Commercial Banking Corp., Security Bank, Standard Chartered Bank, Union Bank and the United Coconut Planters Bank.

Henares said the agency is stepping up efforts to meet its full year collection goal of P1.066 trillion this year, the first time that the revenue target has been reached the P1-trillion mark.

Last year, the BIR raised P924 billion, which was below the P940 billion goal for 2011.

In February, the BIR collected P68.69 billion in tax revenues, 8.81 percent above its target of P63.13 billion for the month.

The February collections brought the tax-take in the first two months of the year to P153.84 billion, above the target for the period by P3.43 billion or 2.28 percent, according to the latest data from the bureau.

Despite the above target collections, Henares said it’s still a long way to go before the BIR can hit the P1.066 trillion tax goal this year.

Of the P89.69 billion collected in February, the BIR raised P61.36 billion from BIR operations and P7.34 billion from non-BIR operations.

Compared to the collections in February 2011 when the BIR generated P53.42 billion, this year’s actual collections are ahead by P15.28 billion, or an increase of 28.6 percent.

NapoleonTDaguro is based in Dubai, Dubai, United Arab Emirates, and is a Stringer on Allvoices.
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