As thousands of taxpayers rushed to beat the deadline for the filing and payment of 2016 income tax returns yesterday, April 17, offices of the Bureau of Internal Revenue (BIR) throughout the country struggled to cope with the long lines and oversized crowds.
The agency’s personnel may be having a hard time processing the sudden deluge in tax returns but it’s a sign the bureau is on track to meet its tax collection target. In interviews with various media agencies yesterday, BIR Commissioner Caesar Dulay expressed confidence the agency is likely to hit its tax collection targets for the month.
The BIR is aiming to collect Php1.8 trillion in taxes on income and profit this year, and around 13 percent of that, based on previous years’ averages, is collected in April. On average, the BIR collects 65 percent more income taxes in April compared to other months.
Many last-minute taxpayers flocked to their respective revenue district offices yesterday as the penalty for late payment is stiff: a 25-percent fine and interest charge for each overdue month.
Pauline Macaraeg is Entrepreneur PH's data journalist. Follow her on Twitter @paulinemacaraeg