LAST DAY OF FILING | Taxpayers rush to file 2018 Income Tax Returns
1 week ago
APRIL 15, 2019 — Taxpayers flocked to Bureau of Internal Revenue offices on Monday to meet the deadline for the filing of their 2018 Income Tax Returns (ITRs).
Unlike in the previous years, however, tax filing centers are now less crowded as more taxpayers chose to file online.
The BIR says around 30 to 40 percent of this year’s taxpayers filed their ITRs online. Also, more taxpayers are exempted from paying income tax under the new tax reform law.
Under the Tax Reform for Acceleration and Inclusion Act, people who earn less than Php 250,000 annually or Php 21,000 monthly are exempted from paying personal income tax.
BIR Deputy Commissioner Marissa Cabreros says the agency hopes to exceed the P140-billion income tax collection in 2018.
“This is the first filing pa lang po ng ating income tax para sa Train law. Pwedeng bumaba kasi bumaba ang personal income tax rate because of the Train law. However, we would like to be hopeful na mag-increase ang collection kasi madami ang magko-comply kasi simplified na ang compliance,” said Cabreros.
BIR Commissioner Caesar Dulay says the agency depends on the income tax to help it reach its 2019 tax collection target of P2.27 trillion, besting last year’s target of P1.96 trillion.
“We expect to have a growth rate of double digit figure. More than 10% because the increase in goal for this year is 14.8%. We should try to hit that figure,” said Dulay.
The agency stressed that there will be no extensions in its April 15 deadline for filing 2018 income tax returns. Taxpayers who fail to meet the deadline will be given a 25% surcharge of the amount due and a 20% interest per annum.