Deadline for tax filing is April 16

MANILA, Philippines – The deadline of filing of income tax returns and payment of the corresponding taxes is on Monday, April 16.

Traditionally, the annual deadline is April 15, which falls on a Sunday this 2012.

Those who fail to file ITRs by April 16 will face 25% surcharge, 20% interest rate, according to Bureau of Internal Revenue (BIR) Commissioner Kim Henares.

She said all Regional District Officers will be open Saturday, April 14, from 8 a.m. to 5 p.m.

The Bangko Sentral ng Pilipinas had also authorized agent banks to extend their banking hours up to 6 p.m. on the week before the BIR filing deadline, up to April 16. These agent banks nationwide will also be open on Saturday, April 14, from 9 a.m. to 5 p.m. to receive income tax returns. 

April traditionally brings the highest monthly collection for the BIR. The BIR hopes to book a record monthly collection of P122.8 billion this April, almost 19% higher than the previous monthly collection of P103.39 billion booked in April 2011.

BIR aims to collect P647.335 billion from taxes on income and profits, accounting for bulk of its full-year 2012 goal of P1.066 trillion.

BIR also collects value added tax, which is collected on sales, as well as excise, percentage and other taxes.

Revenues collected by the BIR contribute about 3/4 of the total funds that the government budgets for social services, military spending, and other government services.

The Aquino government has been implementing a name-and-shame campaign to boost tax collections. – Rappler.com