MANILA, Philippines - The Bureau of Internal Revenue (BIR) reminded taxpayers who chose to pay their income taxes for 2013 in two equal installments that the deadline for the payment of the second and last installment is on July 15 (Tuesday).
The BIR said there will be no extension of the deadline. Penalties will be imposed on payments of the tax still due made beyond 5 p.m. on July 15 deadline
Under the National Internal Revenue Code of 1997, as amended (Tax Code), "when the tax due exceeds Two Thousand Pesos (P2,000.00), the taxpayer may elect to pay in two equal installments, the first installment to be paid at the time the return is filed (on or before April 15) and the second, on or before July 15 of the same year."
With the second installment payments of taxpayers, the BIR hopes to raise P64.80 billion in revenues in July.
In May, the BIR missed its collection target by 4.24 percent, with P128.27 billion.
For 2014, the BIR's collection target is P1.456 trillion.