BIR Sets Deadline for Filing of Income Tax Return (ITR)
BIR – The Bureau of Internal Revenue spoke on whether or not there is an extension of the deadline for the filing of the Income Tax Return (ITR).
In the Philippines, most individuals are taxed based on how much they earn monthly. These are apart from the taxes that you pay in buying groceries, dining in restaurants, fueling your car, and several other commodities that include basic needs and commodities.
With regards to the taxes that one pays once his or her salary goes beyond the limit for non-taxable monthly earnings, it is paid to the Bureau of Internal Revenue or more popularly called BIR. Every year, there must be a filing of the Income Tax Return or ITR.
Businesses in the country must also pay taxes to the Bureau of Internal Revenue (BIR). It is also done through the filing of the ITR.
In most legal transactions that involve money and requires the proof of income and financial stability, the Income Tax Return (ITR) is part of the requirements. Loan applications usually ask for the latest ITR of the borrower.
Every year, the Bureau of Internal Revenue (BIR) set a deadline for the filing of the ITR. For this year, the deadline is set this April 17 and many taxpayers are wondering if there will be an extension or none.
Based on a report on ABS-CBN News, the BIR made it clear that the April 17 deadline for the filing of the Income Tax Return (ITR) will not be extended. Commissioner Romeo Lumagui Jr. stressed that paying the taxes on time will pave the way for the immediate funding of the programs that the government prioritizes.
“We are all partners in nation-building. Timely payment of taxes results into immediate funding of priority government programs,” Lumagui said.
BIR encourages the taxpayers to pay using the “file and pay anywhere” or through the tax assistance centers across the nation. The bureau stressed that the mode of payments now are more convenient thus there are no reasons for taxpayers to miss filing their ITRs.
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