MANILA, Philippines – The Bureau of Internal Revenue (BIR) will sell more than half a billion pesos worth of seized and forfeited assets next week, proceeds of which will go straight to the national coffers.
In a notice on its website, the tax agency said it is putting on the auction block 49 seized properties and 120 “absolutely forfeited” assets cumulatively worth P512.29 million.
“The undersigned will sell at public auction for cash to the highest bidder...,” the notice signed by Internal Revenue Commissioner Kim Henares said.
Bidding will be held at the BIR national office in Agham Road, Quezon City on Thursday, April 28, from 9 a.m. to 4 p.m.
Under Section 213 of the National Internal Revenue Code, the BIR is empowered to collect assets from taxpayers with unsettled liabilities after all legal processes have been exhausted.
BIR deputy commissioner Estela Sales said there is a difference between assets seized and forfeited.
“Seized means property is attached to satisfy tax obligations, but at this stage it is not yet forfeited,” Sales said in a text message.
This means the title is still named after the taxpayer and is subject to auction. For forfeited assets, the title is already named after the government.
“Upon compliance with certain legal procedure, particularly the auction, and there is no winning bidder and the property was not redeemed during the one-year period, (seized assets) will become absolutely forfeited,” she explained.
BIR is the government’s main revenue agency, accounting for about 80 percent of state tax revenues.
In January, it collected P129.65 billion, seven percent up year-on-year, but below the P162.27-billion target for the month.
It is tasked to collect P2.03 trillion this year.