Manila, Philippines – The Bureau of Internal Revenue is bracing for the large influx of individual and business taxpayers in the last day of the filing the 2017 Income Tax Returns today.
The deadline will not be extended beyond the 5 p.m. office hours and late filers will be slapped the usual fines of 25 percent on the tax due plus the 20 percent interest.
BIR Commissioner Caesar R. Dulay instructed authorized agent banks and revenue collection officers not to accept late ITRs, unless it is stamped “late filing” and the corresponding penalties are computed and reflected in the return.
An individual taxpayer is allowed to pay his income tax liability in two equal installments with the first payment upon the filing of ITR and the balance on or before July 16, 2018.
Taxpayers with “no payment” are required to file their returns electronically, using the eBIRForms available at tax filing centers or at any Internet cafe with capability to download the forms.
Senior citizens may file their returns manually.
Taxpayers are reminded to compute the tax liabilities based on the old rate and schedule and not under the Tax Reform for Acceleration and Inclusion which will be applied when taxpayers report their 2018 earnings next year.
A salaried worker need not file a return if his income does not exceed his personal and additional exemptions which are R50,000 and R25,000 for each dependent child but not exceeding four. (Jun Ramirez)
