BIR: income tax returns should be filed today-A A +A
Monday, April 14, 2014
THE Bureau of Internal Revenue (BIR) in Davao Region said taxpayers who fail to file their income tax returns before 5 p.m. today will be fined accordingly.
"Our system will automatically cut-off at exactly 5 p.m., those who failed to meet the cut-off will be penalized accordingly," said Susan Tusoy, assistant chief assessment division of BIR-Davao, during Monday's edition of Davao Press Club's Kapehan sa Dabaw at SM City Davao Annex.
She said penalties for violators include a 25 percent surcharge on the basic tax, 20 percent interest per year, and a compromise penalty ranging from P200 to P25,000, depending on the unpaid tax.
Tusoy said the strict 5 p.m. cut-off today is their way of instilling discipline to tax payers.
She said self-employed or professionals and businesses are required to file two types of income tax returns today: the annual income tax returns for 2013 and the first quarter income tax return for 2014.
According to BIR those who are required to file income tax returns are: resident citizens receiving income from sources within or outside the Philippines; non-resident citizens receiving income from sources within the Philippines; aliens, whether resident or not, receiving income from sources within the Philippines; corporation shall include partnerships, no matter how created or organized; domestic corporations receiving income from sources within and outside the Philippines; foreign corporations receiving income from sources within the Philippines; and estates and trusts engaged in trade or business.
Those who are not required to file income tax returns are individuals who are minimum wage earners, whose gross income does not exceed their total personal and additional exemptions; whose compensation income derived from one employer does not exceed P 60,000 and the income tax on which has been correctly withheld; whose income has been subjected to final withholding tax; and those who are qualified under “substituted filing.”
Tusoy said filers may file at their regional office in Davao City, at their revenue district offices in Mati City, Digos City, and Tagum City; at their satellite office in Panabo City; or at their accredited banks.
She said this year they are targeting a collection of P13.4 billion. Last year the regional office collected P10.94 billion.
Tusoy also said they are expecting around 30,000 filers this year where 70 percent have already filed as of yesterday. She said they are expecting around 10,000 deadline beaters today.
"We are encouraging those who have not yet filed their income tax returns to file right now so that they can avoid the penalties," she said.
Published in the Sun.Star Davao newspaper on April 15, 2014.