MANILA, Philippines – The Bureau of Internal Revenue (BIR) has a friendly reminder to taxpayers before the new year. And it’s not about firecracker prevention and safety.
In a statement late Tuesday, the BIR asked taxpayers to settle their dues and file their income tax returns (ITR) early to avoid the last-minute hassle during the deadline in April next year as well as possible penalties for late filers.
“(We) appeal to all taxpayers not to wait for the April 15 tax filing deadline and start preparing and submitting their annual ITRs and its accompanying schedules and attachments as early as January 2016,” BIR deputy commissioner Nelson Aspe said.
For those who will file electronically, Aspe said it would be better for them to download the necessary forms early “to avoid technical difficulties or downtime of the system.”
During this year’s income tax filing, the BIR was forced to extend to June 15 the deadline for electronic filing of “no payment” returns after the public complained of glitches in the system.
“No payment” returns are those ITRs filed without the need to settle income taxes as they have already been paid ahead. Manual filing however was still restricted only until April 15, without penalties.
Aspe said the BIR has already begun preparing its system for the influx of income tax filers. In fact, the entire BIR system “underwent its regular system maintenance” last Dec. 26.
“For more information or assistance, taxpayers may visit the BIR website at www.bir.gov.ph or call the BIR hotline at 981-8888,” the statement said.
According to the National Tax Research Center, income taxes, which includes both personal and corporate levies, traditionally account for 45 percent of total revenues collected by the BIR.
The bureau, which in turn corners 70 percent of total state revenues, has collected P1.191 trillion as of October, eight percent up from the same period a year ago.