DOF lauds 500 early taxpayers

MANILA, Philippines -- The Department of Finance (DOF) has lauded the top 500 corporations that have settled their 2019 income taxes as of May 19, about one month ahead of the extended deadline set by the Bureau of Internal Revenue (BIR).

In a statement, Finance Secretary Carlos Dominguez said the taxpayers “deserve recognition” as the early payment of their income taxes have provided the government with much-needed funds to sustain the coronavirus disease 2019 or COVID-19 response measures.

“We hope that the commendable act of these taxpayers would inspire other taxpayers to do the same and contribute to our nation-building as we work together to get the economy back on its feet in the face of the COVID-19 pandemic,” Dominguez said.

Leading the list of corporate taxpayers is BDO Unibank Inc., followed by Robinsons Land Corp., Manila Electric Co., Bank of the Philippine Islands and Unilab Inc.

Mercury Drug Corp., Maynilad Water Services Inc., Metrobank Card Corp., Globe Telecom Inc. and Innove Communications Inc. also made it to the top 10.

Also included among the top taxpayers are the Philippine Ports Authority, Manila International Airport Authority, Citra Metro Manila Tollways Corp., Taganito Mining Corp., Security Bank Corp., Monde Nissin Corp., Eagle Cement Corp., Huawei Technologies Phil. Inc., Phil Gold Processing and Refining Corp., and First Gas Power Corp.

The complete list of the top 500 income tax return (ITR) filers for taxable year 2019 can be viewed on the DOF website.

The BIR extended the deadline for the annual filing of 2019 ITRs to provide relief to Filipinos amid the coronavirus pandemic and the implementation of the enhanced community quarantine.

Initially, the due date for filing of ITRs and the payment of corresponding taxes was extended from April 15 to May 15. This was further extended to May 30, following the extension of the enhanced community quarantine to April 30.

The deadline was further postponed for the third time to June 14 after the Luzon-wide quarantine was extended by another two weeks to May 15.

No more extension was granted after that, as the BIR cited the need for the government to raise revenues for COVID-19 response.

According to the DOF, taxpayers who have filed their ITRs within the original deadline or prior to the extended deadlines can amend their tax returns at any time on or before the final extended due dates.

In case these taxpayers need to pay additional taxes, they can do so without having to pay penalties, provided such payments are made not later than the final deadlines set by the BIR.

If the amendment of the ITR shows that there was overpayment of taxes, the taxpayers can opt to carry over the overpaid taxes as credit against their taxes due for the same tax type in the succeeding periods, or file claims for a refund.