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Palace to public: File your ITR or face heavy fines

/ 05:30 PM April 13, 2014

MANILA, Philippines – Malacañang on Sunday reminded Filipinos to file their Income Tax Returns (ITRs) before the deadline April 15 to avoid heavy penalties.

Communications Secretary Herminio Coloma said those who will not be able to file and pay their income tax will be fined an amount equivalent to 25 percent of their total income plus an additional 20 percent interest per year.

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“Nakikiisa ang pamahalaan sa panawagan ng Kagawaran ng Rentas Internas (BIR) sa lahat ng kaukulang indibiwal, grupo, o may-ari ng negosyo na ang kita ay nakamit sa Pilipinas na magbayad ng kanilang taunang buwis at maghain ng kani-kanilang Income Tax Returns bago ang itinakdang deadline sa Martes, ika-15 ng Abril,” he said.

(The government supports the Bureau of Internal Revenue’s call to individuals, groups or business owners whose income was earned in the Philippines to pay their annual taxes and file their Income Tax Returns before the deadline on Tuesday, April 15.)

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Coloma said the taxes collected by the BIR are equivalent to 70 percent of the government’s total revenue.

“Sa taong ito, inatasan ang kawanihan na kumolekta ng hindi bababa sa 1.4 na trilyong piso na mas

mataas ng 19 na porsyento kung ihahambing sa kanilang itinablang halaga noong 2013,” he added.

(This year, the Bureau is expected to collect a minimum of P1.4 trillion, which is 19 percent higher than the amount collected in 2013.)

Coloma emphasized the importance of taxes as the lifeblood of the economy.

The Philippine government is aiming to raise the tax-to-GDP (gross domestic product) ratio of the country from 13.6 percent in 2013 to around 16 to 18 percent in 2016.

Coloma said last year’s tax-to-GDP ratio was substantially lower than the 17 percent reached in the years prior to the Asian financial crisis in 1997.

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TAGS: BIR, income tax returns, ITR, Sonny Coloma, Tax
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