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Saturday, December 30, 2006
Income, not corporate, taxes fill gov't coffers
By Carlo P. Mallo
DAVAO CITY -- It's the people's income taxes that are contributing to the government's coffers with corporate taxes accounting for just half of the income taxes' amount, the January to November 2006 gross tax revenue records of the Bureau of Internal Revenue (BIR) showed.
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Davao City has posted P4 billion in gross tax revenue for the first 11 months of 2006, the BIR reported.
According to the comprehensive data collected by the BIR, the month of April had the highest collection of more than P500 million. A far second was November with only P399 million. All other months are within the P300 million bracket for a total of P4,094,631,371.97 from January until November 2006.
More than 25 percent of the gross tax collected comes from the income tax returns, amounting to P1.8 billion. Corporate taxes barely breached the 1-billion-peso mark. Income taxes were also highest in April with P209 million.
Sin taxes, or the excise tax, garnered only P3.1 million for the first 11 months of 2006. It came short of the expectations of the bureau, to be one of the top fund generators.
The BIR is keen on enforcing tax measures as the taxes collected is the primary source of funding for the national and local government.
The revenue bureau also sternly warns tax evaders and those who do not pay the appropriate amount, as they will be dealt with penalties, sanctions, and even criminal charges. (Sun.Star Davao/Sunnex)For more Philippine news, visit Sun.Star Zamboanga. (December 30, 2006 issue)
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