BIR targets P30 billion from large taxpayers this year
Posted on February 25th, 2010
The Bureau of Internal Revenue (BIR) is targeting to reach P360 billion for its collection this year from the country’s large taxpayers. The figure which is higher that the P339 billion collected last year, represents roughly 60 percent of the agency’s full-year target of P830 billion, said BIR Assistant Commissioner Nesto
Valeroso is optimistic that they would meet this year’s target especially with their enhanced measures against large taxpayers, particularly their better profiling and monitoring of big-ticket companies and projects. The announcement was made during the agency’s launch of its large taxpayers Service (LTS) 2010 Tax Campaign. BIR hopes that this campaign translates to higher collections for them.
LTS, which caters to large corporate clients including the Top 1,000 corporations in the country, has roughly 2,000 clients at present.
These companies are those whose net worth is at least P300 million and who pay an annual income tax and withholding tax of at least P1 million. Their value-added tax (VAT) is at least P100,000 for any given quarter and P1 million in excise tax per taxable year.
With better collections from the LTS group, Valeroso said , there will more funds to finance the government’s programs. “Building the gap between the large taxpayers and the Filipino people who benefits from taxes is our goal,” he said.
In the speech of BIR Commissioner Joel Tan-Torres during the launch which was held at the NBC Tent, Fort Bonifacio, Global City, he expressed confidence that they would meet its full-year collection goal of P830 billion as he noted that the agency has met its monthly targets for the last two consecutive months.
