FINANCE Secretary Ralph G. Recto assured taxpayers that settling their taxes is now easier than ever, and encouraged them to exercise their heroic duty of propelling the country’s development forward through the prompt filing of tax returns and paying the correct amount of tax dues with the Bureau of Internal Revenue (BIR) before the April 15, 2024 deadline.
“The government has made sure that the filing and payment of taxes is now easier than ever so I urge everyone to be responsible in accomplishing this to avoid any penalties that may arise from failing to do so. You have an indispensable role to play in our nation’s progress. Our ability to steer the country forward is largely dependent on your cooperation,” the Finance Chief stressed.
Upon assuming the role of Finance Secretary in mid-January of this year, Secretary Recto put forth the monumental task of raising PHP 4.3 trillion in revenues––the bulk of which will be generated by the BIR amounting to PHP 3.05 trillion.
“These revenues will fuel our economic engine towards Bagong Pilipinas—a more inclusive and sustainable Philippine economy marked by lower poverty rates; increased infrastructure and human capital investments; more quality jobs for our people; and improved public services,” he said.
Secretary Recto emphasized that in 2024 alone, the government has to collect PHP 11.7 billion per day in revenues to fund the PHP 5.767 trillion national budget, which translates to an average daily spending of PHP 15.8 billion.
These revenues will help deliver more infrastructure projects and social services such as education, health, and social protection programs, including ayuda to at least 12 million poor and low-income families.
To enhance tax administration and inculcate obedience among taxpayers, the Finance Chief emphasized the importance of promoting ease of filing and payment of taxes through digitalization.
Through the BIR’s implementation of the Ease of Paying Taxes (EOPT) Act, which was signed into law on January 5, 2024, the filing of tax returns and payments of taxes was made easier through online channels and authorized agent banks (AABs).
Individual and business taxpayers no longer need to endure long lines in BIR offices as filing and payment of taxes can now be made through the BIR portal and nearest banks.
To accommodate more taxpayers and fast-track processing, the BIR has instructed its AABs to operate beyond working days, specifically on Saturdays (April 6 and April 13, 2024), and to extend banking hours to 5:00 PM until April 15, 2024.
The BIR also introduced additional channels for tax payments through certain e-wallets such as Maya and online payment portals namely Landbank Link.BizPortal and MyEG––a provider of e-government solutions and payment services.
