Deadline looms: Around 10% of taxpayers yet to file annual income tax returns

AROUND 10% of registered taxpayers still have to file their 2022 annual income tax returns by the April 17 deadline, according to the Bureau of Internal Revenue (BIR).

“As of now, what we know is less than 10% (are still expected to file their taxes), [but] the turnout of filing has been okay,” BIR Commissioner Romeo D. Lumagui, Jr. said in a press briefing on Friday.

“So far, our campaigns have been effective, better than pre-pandemic levels,” he added.

The agency expects to generate around P1.1 trillion from the annual tax filing, up by around 11-12% from last year’s collection.

The BIR said there are around 3.8 million individual registered taxpayers, not including businesses.

Taxpayers who do not make the Monday deadline will face penalties, such as an imposition of 12% interest and a 25% surcharge.

“We are well aware that filing and paying taxes can be a challenge for some taxpayers, that’s why we’re exploring ways to streamline processes and make it easier and more convenient for taxpayers to comply with their tax obligations,” Mr. Lumagui said.

The BIR has implemented initiatives to aid taxpayers in meeting the deadline, such as extending authorized agent bank working hours to 5:00 p.m., creating tax assistance centers, and expanding payment channels.

This year, the agency set a P2.6-trillion revenue target, 11% higher than the P2.34 trillion it collected last year.

The BIR collects about 70% of government revenues.—Luisa Maria Jacinta C. Jocson