BIR urges banks to extend hours during tax filing rush

CEBU, Philippines - As the tax filing season starts next month, the Bureau of Internal Revenue has asked banks to extend banking hours come April 1 to 17 in time for the tax filing rush.

The BIR also asked authorized agent banks (AABs) to accept tax returns and payments for internal revenue taxes on April 1 and April 8, which both fall on Saturday.

The revenue agency suggested banking hours be extended up to 5 PM from the regular 3 PM for the stated period.

All authorized banks shall not refuse accepting tax payments from taxpayers who are already within the banks’ premises by the close of the said extended banking hours during the period.

BIR’s AABs include Bank of Commerce, Chinatrust, Bank of the Philippine Islands, Citibank, Metrobank, Philippine National Bank, Philippine Bank of Communications, Philippine Veterans Bank, Rizal Commercial Banking Corp, Union Bank, Eastwest Bank, Security Bank and United Coconut Planters Bank.

Others include Hongkong and Shanghai Banking Corp, Land Bank of the Philippines, China Bank, Allied Bank, Deutsche Bank and Development Bank of the Philippines.

These banks are to accept over-the-counter internal revenue tax payments and payments made through the BIR’s electronic filing and payment system.

Banks are ordered not to set up limits as to the number of tax forms and taxpayers to be serviced; not to designate any particular time for the acceptance of tax payments during the regular and extended banking hours; and not to require opening of deposit accounts as a pre-requisite in accepting tax payments.

Earlier, the BIR in Cebu reminded taxpayers to file their income tax returns (ITR) before the April 15 deadline.

Taxpayers are called on to file as early as now.

Taxpayers must file and pay as early as possible to avoid the inconvenience of late filing.

The revenue agency reminds all manual and electronic tax filers as well as accredited tax agents using electronic BIR forms (eBIRForms) and Electronic Filing and Payment System (eFPS) to download their latest versions and start filing early.

Those who fail to file and pay their tax dues on or before the April 15 deadline are imposed with a 25 percent surcharge, 20 percent interest per year and extra charge on the basic tax.

This year, the BIR is set to collect P1.829 trillion in taxes, up 14.75 percent from last year's actual collections of P963 billion.

BIR in Cebu is yet to report its actual collection target for this year.

Data earlier showed that 2016 tax collection of the BIR-13, which collects taxes in Cebu and Bohol, reached P26.6 billion.

The 2016 collection is up 2.7 percent or P700 million from P25.9 billion it collected in 2015 but it fell short of its P36-billion target for last year.

BIR-13 is set to kick off the tax filing season on March 10 in SM City Cebu.

In addition, required to file income tax returns are those employed by two or more employers, self-employed either through trade or professional practice, those deriving mixed income and other non-business, non-professional related income, marginal income earners, local firms (including partnerships), foreign companies making income in the Philippines and estate and trusts engaged in business. (FREEMAN)