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Manila Bulletin devider Business devider BIR targets record P406-billion collection in April

BIR targets record P406-billion collection in April

Published Mar 30, 2024 04:59 am

The Bureau of Internal Revenue (BIR) is set to make tax history this April with its ambitious goal of achieving a record collection, representing a double-digit increase from the previous year.

As Filipino taxpayers prepare to file their income tax returns (ITRs) for 2023, the government's main tax agency is setting its sights on a collection target of P405.94 billion for April.

Next month’s goal represents a 21 percent growth compared to the P336.02 billion collected in April of last year.

According to BIR data, the bulk of April's collections are expected to come from taxes on net income and profits amounting to P198.8 billion, and value-added tax (VAT) totaling P124.64 billion. 

Combined, these taxes account for P323.44 billion, or 79.6 percent of the bureau's April collection target.

April typically sees the BIR setting its highest monthly collection target for the year as it coincides with the tax filing season when individuals and businesses are required to file their ITRs for the previous year by April 15.

Moreover, the BIR is aiming to collect P28.91 billion in excise taxes, P27.52 billion in percentage taxes, and P20.44 billion in other taxes in April. 

As the largest revenue contributor among government agencies, the bureau is also forecasting to generate an additional P5.4 billion through non-BIR operations.

BIR Commissioner Romeo D. Lumagui Jr. has already urged the public to file their ITRs on time or before April 15, 2024 to avoid penalties that could reach up to P25,000 or more.

READ: BIR Tax Filing Deadline: Banks to operate two Saturdays before April 15

The ITR filing requirement applies to self-employed individuals, business owners, mixed income earners, partnerships, and corporations.

Penalties for late filing include a 25 percent surcharge on the tax due in the ITR and an additional penalty of 12 percent per annum or one percent per month. 

In cases where there is no tax liability, a penalty of P1,000 is applied if there are no sales. 

However, if there are sales but no tax due, the penalty will range from P3,000 to a maximum of P25,000.

Related Tags

Bureau of Internal Revenue (BIR) BIR Commissioner Romeo Lumagui Jr. BIR ITR filing
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