BIR reminds public to pay taxes on time

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To raise more revenues this month, the Bureau of Internal Revenue (BIR) on Friday said that there will be no extension to the deadline for the second installment payment of the 2012 income tax.

In a statement, the BIR reminded all taxpayers who elected to pay their income taxes for 2012 in two equal installments.

The deadline for the payment of the second and last installment was set on July 15.
The BIR said there will be no extension of the deadline just like what was strictly enforced during the income-tax filing/payment deadline on April 15 this year.

According to the National Internal Revenue Code of 1997, or Tax Code, “when the tax due exceeds P2,000, the taxpayer may elect to pay in two equal installments, the first installment 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.”

“The corresponding penalties as provided for in the Tax Code will be imposed on payments of the tax still due made beyond 5 p.m. of the July 15 deadline,” the tax bureau stated.

The BIR added that it is hoping to meet its collection goal this month of P97.597 billion.
In May, the BIR fell short of its P115.12-billion target of the month. It only collected P111.90-billion tax revenue, P3.22 billion, or 2.8 percent less than the goal set for the month.

Mayvelin U. Caraballo

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