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Friday, January 24, 2014

Bureau of Internal Revenue Sets Their Eyes for Php 915 Billion from Big Taxpayers

Bureau of Internal Revenue (BIR) expects to generate Php 915.08 Billion in revenues from large taxpayers this year, representing 19% increase compared with Php 768.3 Billion target in 2013. Data from the BIR showed that the government's main tax agency's revenue goal for large taxpayers is equivalent to about 62.4% of it's Php 1.425 Trillion total collection target for this year. Classified as a large taxpayers are conglomerates, as well as their subsidiaries and affiliates, multinational companies, universal/comer and foreign banks and firms with an authorized capital of at least Php 300 million. In the 1st 3 months of the year, the BIR is eying to generate Php 172.26 Billion in revenues from large taxpayers, while another Php 270.33 Billion are expected to be collected from the group in the 2nd quarter of 2014. In July to September, the BIR is tasked to collect Php 229.96 Billion from large taxpayers, while Php 242.47 Billion in taxes are seen to be generated in the final quarter of 2014. In February last year, the BIR raised it's efforts to boost collections from large taxpayers through the implementation of technology and information based solutions. Internal Revenue Commissioner Henares vowed that time she will enhance the audit process through statistical analysis using industry and economic benchmarks to identify taxpayers at high risk of non compliance. The BIR also intends to improve information linkages with other government agencies to enhance other collection efforts, such as customs payments and self-reported income tax filings. She also said the move was part of the BIR's transition from a "customers relations agency" to a law enforcement agency. Finance Sec. Purisima also underscored the continuing need to collect more taxes from the rich.    
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