BIR seeks over P1T from large taxpayers in ’15 | Inquirer Business
Close  

BIR seeks over P1T from large taxpayers in ’15

By: - Reporter / @bendeveraINQ
/ 05:17 AM February 20, 2015

The Bureau of Internal Revenue (BIR) wants this year’s collection from large taxpayers to still breach the P1-trillion mark despite the impact of a new law on tax-exempt bonuses.

On the sidelines of the BIR’s 2015 tax campaign kickoff for its large taxpayers service (LTS) last Tuesday, Commissioner Kim S. Jacinto-Henares told reporters that the earlier target of P1.07 billion in total collections of the LTS for this year would be lowered to take into account the law on tax-exempt bonuses that was recently signed by President Benigno Aquino III.

ADVERTISEMENT

“There will be an adjustment because [the law] impacts on the withholding taxes of compensation income earners. Of the P30 billion [in estimated revenue losses from the higher tax-exemption cap on bonuses], about 64 percent will be from them [large taxpayers],” Henares said.

It would mean about P19 billion in foregone collections for the LTS, so its goal could be lowered to P1.05 trillion. Last year, the LTS was tasked to collect P915.1 billion of the P1.456-trillion total tax-collection goal of the BIR.

FEATURED STORIES

The BIR defines large taxpayers as corporations with authorized capitalization of at least P300 million registered with the Securities and Exchange Commission (SEC); multinational enterprises with authorized capitalization or assigned capital of at least P300 million; publicly listed corporations; universal, commercial and foreign banks; taxpayers with an authorized capitalization of at least P100 million belonging to the banking, insurance, petroleum, telecommunications, utilities, alcohol and tobacco industries; and corporate taxpayers engaged in production of metallic minerals.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Benigno Aquino III, BIR, Bureau of Internal Revenue, kim s. jacinto-henares, President Aquino, SEC, Securities and Exchange Commission, taxpayer
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.