Pay tax dues early, taxpayers advised

CEBU, Philippines — As the deadline for the income tax return (ITR) filing approaches, taxpayers are urged to settle their tax dues now to avoid the rush.

Eduardo Pagulayan, regional director at the Bureau of Internal Revenue in Cebu (BIR-13), said taxpayers shouldn't wait for the April 15 deadline.

"I hope the taxpayers will avoid the rush by filing and paying their income tax returns early and not waiting for the deadline," Pagulayan told The FREEMAN in a phone interview yesterday.

He said he had given institution to the agency's personnel to campaign for early filing and payment of income tax.  The revenue official further urged taxpayers to make use of BIR's electronic filing and payment system for convenience.

"They can file online by enrolling at our electronic filing and payment system so that they need not go out of their homes to file and pay income tax if they have internet connection," Pagulayan pointed out.

The deadline for ITR filing and payment of tax dues is every April 15 of the year.

The BIR earlier announced that self-employed individuals and professionals will now have fewer pages to fill out when declaring their ITR.

The new ITR form, which is to two pages from the previous 12, can also be filed online.

The issuance is contained in Revenue Memorandum Circular No. 17-2019, which prescribes the new BIR Form No. 1701A  or the Annual Income Tax Return for Individuals Earning Purely from Business/Profession.

Individuals earning P3 million or less per year only need to fill out a two-page form, while a four-page form is required for those earning more than P3 million a year.

Filing early keeps taxpayers from the usual issues and inconvenience experienced during the last day of filing.

Tax returns filed and taxes paid after the deadline will be slapped with the corresponding penalties as provided for in the Tax Code.

Penalties include 25 percent surcharge, 20 percent interest per annum and compromise penalty, according to schedule of penalties, according to the BIR. (FREEMAN)