BIR eyes exceeding April collection target

ABS-CBN News

Posted at Mar 26 2014 02:56 PM | Updated as of Mar 26 2014 10:56 PM

MANILA, Philippines – The Bureau of Internal Revenue (BIR) is hoping to again exceed its monthly collection target in April of P176.51 billion, higher by 18 percent compared to its above-target P148.99 billion revenues in the same month last year.

BIR Commissioner Kim Henares reminded taxpayers to pay correct taxes to the government and take their campaign against tax cheats seriously.

“We’ve been very consistent with the actions that we’re taking, it’s not just a flash in the pan. Hopefully people would take that very seriously,” she said.

The deadline for filing income tax returns (ITR) is on April 15.

Henares urged taxpayers to settle their annual tax obligations with the BIR before the deadline to avoid penalty and surcharge.

She added that there will be no extension on the deadline for filing ITRs.

Those who fail to file their ITRs on April 15 will face a penalty of 25 percent and 20 percent interest per annum.

In April 2013, the BIR exceeded its target by 4.4 percent and registered a 28 percent year-on-year growth.

For 2014, the BIR is tasked to collect P1.456 trillion in taxes, higher by 19 percent compared with its actual revenue take last year.

The BIR’s collections account for more than 60 percent of the government’s annual income.