Taxpayers reminded of Monday deadline
MANILA, Philippines—The Bureau of Internal Revenue (BIR) reminded taxpayers who opted to pay their income taxes for 2012 in two equal instalments that the deadline for the payment of the second and last instalment is on Monday, July 15.
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 instalments, the first instalment 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.”
There will be no extension for the last payment and corresponding penalties as specified in the Tax Code will be imposed on payments made after 5 p.m. on Monday, the bureau said.
The tax agency is hoping to raise more revenues this July to meet its collection target of P97.597 billion for July, ahead of its 109th founding anniversary on August 1.
