Economy


BIR hails top taxpayers among large firms




Posted on February 26, 2014


THE BUREAU of Internal Revenue (BIR) yesterday recognized the top taxpayers among large companies in the country.

At the kick-off ceremony of its Large Taxpayers Service’s (LTS) 2014 tax campaign yesterday, at Solaire Resort and Casino in Parañaque City, the bureau awarded plaques of appreciation to firms whose income tax payments in 2013 improved significantly from the previous year.

The Billionaire’s Club, according to LTS Assistant Commissioner Alfredo V. Misajon, includes firms whose payments last year surpassed the P1-billion mark and grew by more than 20%.

"These taxpayers not only contributed a huge sum to the LTS collections but also improved their payments significantly," Mr. Misajon noted.

Ten firms received this distinction:

• Bank of the Philippine Islands

• Citra Manila Tollways Corp.

• DMCI Project Developers, Inc.

• Emperador Distillers, Inc.

• Holcim Philippines, Inc.

• Manila Water Co., Inc.

• Monde Nissin Corp.

• PMFTC, Inc.

• Quezon Power (Philippines) Ltd. Co.

• Toyota Motor Philippines Corp.

The BIR also gave special awards to corporate taxpayers whose income tax payments last year improved drastically.

"These are those whose collections grew by more than 20% year on year -- some even by more than 100% -- but did not reach P1 billion," explained Mr. Misajon.

The companies that received this award were:

• Alaska Milk Corp.

• All Asian Countertrade Inc.

• BDO Unibank, Inc.

• Hinatuan Mining Corp.

• IBM Philippines

• Interbev Philippines, Inc.

• Makati Shangri-La Hotel and Resort, Inc.

• Maybank Philippines, Inc.

• Metropolitan Bank and Trust Co.

• Mondelez Philippines, Inc.

• Nutri-Asia, Inc.

• Orica Philippines

• Penpro, Inc.

• Pepsi-Cola Products Philippines, Inc.

• Pfizer, Inc.

• SM Land, Inc.

• Vesta Property Holdings, Inc.

"We are most grateful to the companies in the LTS for helping us through some challenging past years. We hope you can continue to support the government with the same passion and enthusiasm as we face another year," Mr. Misajon said.

"The LTS contributes the most to the BIR’s total collections. In effect, you all make up the bulk of the country’s revenues," he told participants at the kick-off.

According to Mr. Misajon, collections from the 2,120 firms classified under the LTS reached P755.23 billion last year, up 15.98% annually and comprising over 60% of the BIR’s total 2013 haul of P1.217 trillion.

This year, the LTS has been assigned a goal of P917 billion -- the bulk of the bureau’s entire P1.456-trillion target for 2014.

Mr. Misajon noted that as the target given to LTS continues to grow, the BIR will "continue to seek and implement pioneering measures in improving tax administration" and, in turn, compliance.

In her own speech at the event, BIR Commissioner Kim S. Jacinto-Henares also stressed the importance of ensuring that one’s tax liabilities are settled properly.

"This kind of consistency allows the government to make sure it has money to spend on supporting the economy," said Ms. Jacinto-Henares.

"Rest assured that the BIR’s requirements and regulations only seek to ensure that there is a level playing field among all taxpayers, especially in terms of compliance. These measures also help us in further improving our efficiency as a government agency," she noted.

Finance Secretary Cesar V. Purisima, for his part, urged LTS taxpayers to continue supporting the government’s efforts.

"We need to continue working together for our common interest, which is the country’s prosperity. This kind of partnership ultimately results in a virtuous cycle that will lead to an improved economy, which would mean prosperity for businesses and individuals alike," Mr. Purisima said in his own speech. -- Bettina Faye V. Roc