BIR raising P149M from sale of acquired property

MANILA, Philippines—The Bureau of Internal Revenue wants to raise P149 million through a “mega sale” of 117 hectares of residential, commercial and agricultural land acquired and forfeited as settlement for unpaid taxes.

According to the BIR’s collection enforcement division—which monitors the management, safekeeping and disposal of forfeited properties or acquired assets—14 of 19 regional offices would put on the auction block a total of 157 lots on November 28.

Based on the minimum bids set for each parcel of land, the BIR wants to earn at least P148.9 million from the forfeited properties. If successful, the auctions would help the BIR meet its collection target of P1.07 trillion for 2012.

Internal Revenue Commissioner Kim Henares has reiterated her confidence in meeting the goal despite the BIR still missing planned collections as of the end of September.

For the first nine months, the BIR collected P772.5 billion, which was 3.5 percent short of the target for the period although it was 12.6 percent higher year on year.

“We have to work doubly hard to meet our target, but especially during the (seasonally high-yield) months remaining this year,” Henares said.

The 14 revenue regions that will hold auctions include those in Pangasinan (RR 1), Baguio City (RR 2), Pampanga (RR 4), Manila (RR 6), Quezon City (RR 7), San Pablo City (RR 9), Legaspi City (RR 10), Iloilo City (RR 11), Bacolod City (RR 12), Leyte (RR 14), Zamboanga City (RR 15), Cagayan de Oro City (RR 16), Butuan City (RR 18) and Davao City (RR 19).

Based on a list of the properties to be sold, Davao City has the most on offer with 45 lots covering 123,488 square meters valued at P51.7 million. Quezon City has the fewest offer, which is a 2,508-sqm residential lot valued at P5 million.

Zamboanga City has the lowest sales target at P91,492 for four residential and agricultural lots with a total area of 91,492 sqm. Bacolod City wants to raise the biggest amount at P53.9 million for 28 residential and agricultural lots covering 171,040 sqm.

The smallest lots up for auction are three residential lots, each measuring 40 sqm and valued at P18,000, located in Tagum City under RR-19 (Davao City). In terms of area, the biggest offer is a 20-hectare pasture land worth P800,000 in Itogon, Benguet, under RR 2 (Baguio City)

In terms of minimum bid, the lowest pertains to two 1,000 sqm agricultural lots worth P8,000 each and located in Pampanga. The highest minimum bid set is P21.6 million for a 4.3-hectare residential lot in Mati, Davao Oriental.