Palace reminds public anew to file ITRs on or before April 15

April 14, 2014 7:25 am 

MANILA, April 13 — Malacanang again reminded the public on Sunday to file their income tax returns (ITRs) with the Bureau of Internal Revenue (BIR) on or before April 15.

Presidential Communications Operations Office (PCOO) Secretary Herminio Coloma Jr., in an interview on state-run dzRB Radyo ng Bayan, made the reminder as there are only two days left until the deadline on Tuesday.

“Those who fail to submit on time will be fined 25 percent of their total income and an additional 20 percent interest per year,” Coloma said in the vernacular.

He further said that it is taxes that give life to the economy of the country and the main source of government to finance various programs and projects.

“The taxes that the BIR collects annually represent more than 70 percent of total government revenues,” Coloma noted.

“This year, the bureau was ordered to collect not lower than P1.4 trillion, which is 19 percent higher compared to their value in 2013,” he added.

The PCOO chief also noted that collecting the right amount of tax would help boost the country’s tax-to-gross domestic product (GDP) ratio from 16 percent to 18 percent in 2016. (PNA)

SCS/ANP

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