Bureau of Internal Revenue to remind tax payers to file income tax return last day today - Our Daily Revelations PH

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Bureau of Internal Revenue to remind tax payers to file income tax return last day today

Income tax fraud is the willful attempt to evade tax law or defraud the IRS. Tax fraud occurs when a person or a company does any of the following: Intentionally fails to file a income tax return. Willfully fails to pay taxes due. FILE YOUR INCOME TAXES NOW! -Photo credit to owner
The Bureau of Internal Revenue (BIR) is encouraging online filing of income tax returns on Monday, the last day for filing, to avoid hefty penalties or tax evasion charges.

The Electronic Bureau of Internal Revenue Forms (eBIRForms) was developed primarily to provide taxpayers with an alternative mode of preparing and filing tax returns that is easier and more convenient. The use of eBIRForms by taxpayers will improve the BIR's tax return data capture and storage thereby enhancing efficiency and accuracy in the filing of tax returns. Through the use of the downloadable eBIRForms Software Package (also known as the Offline Package), taxpayers and Accredited Tax Agents (ATAs) will be able to fill up tax returns offline and submit it to the BIR through the Online eBIRForms System.

The BIR is targeting tax collection of P1.83 trillion (US$36.6 billion) in 2017, with 60 percent of this coming from large corporate taxpayers.

The BIR requires individual taxpayers to file their returns via the e-BIR forms, which can be downloaded and filled up by accessing the BIR website.


This online system is credited for cutting in half the number of taxpayers crowding BIR district offices on deadline day.

Tax officials assured the users of e-BIR forms of smooth transmission as the e-system has been upgraded, with bandwidth being expanded, and special tax filing centers installed inside major shopping malls and city halls.

OVERCROWDING IN FILING NOT EXPECTED COMPARED FROM THE RECENT YEARS

Overcrowding at tax filing centers is not expected, said revenue officials.

However, they urged taxpayers who choose not to do online filing to head to the BIR district offices to avoid the last-minute rush of taxpayers before the close of business.

The penalties for late payment after 5 p.m. Monday: a 25 percent surcharge, a 20 percent interest per year on your tax due, plus a compromise penalty fee.

PENALTIES FOR LATE FILING OF TAX RETURNS

A. For late filing of Tax Returns with Tax Due to be paid, the following penalties will be imposed upon filing, in addition to the tax due: 

1. Surcharge, Civil Penalties.

(A) There shall be imposed, in addition to the tax required to be paid, a penalty equivalent to twenty-five percent (25%) of the amount due, in the following cases:

(1) Failure to file any return and pay the tax due thereon as required under the provisions of this Code or rules and regulations on the date prescribed; or

(2) Unless otherwise authorized by the Commissioner, filing a return with an internal revenue officer other than those with whom the return is required to be filed; or

(3) Failure to pay the deficiency tax within the time prescribed for its payment in the notice of assessment; or

(4) Failure to pay the full or part of the amount of tax shown on any return required to be filed under the provisions of this Code or rules and regulations, or the full amount of tax due for which no return is required to be filed, on or before the date prescribed for its payment.

2. Interest

(A) In General. - There shall be assessed and collected on any unpaid amount of tax, interest at the rate of twenty percent (20%) per annum, or such higher rate as may be prescribed by rules and regulations, from the date prescribed for payment until the amount is fully paid.

3. Compromise

Failure to File Return, Supply Correct and Accurate Information, Pay Tax Withhold and Remit Tax and Refund Excess Taxes Withheld on Compensation. - Any person required under this Code or by rules and regulations promulgated thereunder to pay any tax make a return, keep any record, or supply correct the accurate information, who willfully fails to pay such tax, make such return, keep such record, or supply correct and accurate information, or withhold or remit taxes withheld, or refund excess taxes withheld on compensation, at the time or times required by law or rules and regulations shall, in addition to other penalties provided by law, upon conviction thereof, be punished by a fine of not less than Ten Thousand Pesos (P 10,000) and suffer imprisonment of not less than one (1) year but not more than ten (10) years.

Any person who attempts to make it appear for any reason that he or another has in fact filed a return or statement, or actually files a return or statement and subsequently withdraws the same return or statement after securing the official receiving seal or stamp of receipt of internal revenue office wherein the same was actually filed shall, upon conviction therefor, be punished by a fine of not less than Ten Thousand Pesos (P 10,000) but not more than Twenty Thousand Pesos (P 20,000) and suffer imprisonment of not less than one (1) year but not more than three (3) years.

B. For late filing of Tax Returns with NO Tax Due to be paid, the compromise penalty will be imposed upon filing of the Tax Return based on the following:

2. For violations of the NIRC provisions which may be the subject of criminal actions, Section 250 of the NIRC will apply as follows: 

NIRC SEC. 250. Failure to File Certain Information Returns. - In the case of each failure to file an information return, statement or list, or keep any record, or supply any information required by this Code or by the Commissioner on the date prescribed therefor, unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall, upon notice and demand by the Commissioner, be paid by the person failing to file, keep or supply the same, One Thousand Pesos (P 1,000) for each failure: Provided, however, That the aggregate amount to be imposed for all such failures during a calendar year shall not exceed Twenty-Five Thousand Pesos (P 25,000).

C. For late filing of Statements/Reports required to be filed with NO Tax Due to be paid, the compromise penalty will be imposed upon filing of the Tax Return based on the following:

Violation of Other Provisions of this Code or Rules and Regulations in General.- Any person who violates any provision of this Code or any rule or regulation promulgated by the Department of Finance, for which no specific penalty is provided by law, shall, upon conviction for each act or omission, be punished by a fine of not more than One Thousand Pesos (P 1,000) or suffer imprisonment of not more than six (6) months, or both.

But if you're in the premises of the BIR district office before 5 p.m., you can still file your income tax return.

Payment of taxes has been facilitated by banks accredited to accept payments, and through the use of mobile phones. Globe, through GCash, has a payment option that allows all tax payments of up to P100,000.

For some, who is not aware on income tax filing:

A tax return is the tax form or forms used to report income and file income taxes with tax authorities such as the Internal Revenue Service (IRS) in the United States. Tax returns allow taxpayers to calculate their tax liability and remit payments or request refunds, as the case may be.

FILE YOUR INCOME  TAX ON TIME, THIS FACT REMAINS THAT TAXES SERVES A PURPOSE AND A COMMON GOOD. 

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Credits: News/ CNN, BIR official website






Bureau of Internal Revenue to remind tax payers to file income tax return last day today Reviewed by Unknown on April 16, 2017 Rating: 5 Income tax fraud is the willful attempt to evade tax law or defraud the IRS. Tax fraud occurs when a person or a company does any of the f...

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