National

TAXPAYERS URGED TO FILE INCOME TAX RETURNS BEFORE APRIL 15 DEADLINE

admin April 11, 2024

SENATOR Win Gatchalian urged taxpayers to file their income tax returns as the April 15 deadline for filing approaches.

The principal author of the Ease of Paying Taxes Act (EOPT), Gatchalian assured taxpayers that fulfilling their obligation will become much easier moving forward.

The Bureau of Internal Revenue (BIR) has issued Bank Bulletin No. 2024-02 on April 1 directing all BIR authorized agent banks to accept all printed copies of electronically filed tax returns or payment forms through eBIRForms and the corresponding payment of taxes due.

“Now that the EOPT measure has already been enacted into law, we are confident that the process of filing income tax returns will be so much easier for our taxpayers,” said Gatchalian, who serves as chairperson of the Senate Committee on Ways and Means.

He explained that the measure allows the filing of returns and payment of taxes electronically or manually with any authorized agent bank, or revenue district office through a revenue collection officer or authorized tax software provider.

Aimed at modernizing tax administration, the EOPT measure is expected to enhance compliance and revenue collection that would ensure the availability of funds for much-needed infrastructure and poverty-alleviating programs, Gatchalian said.

According to him, institutionalizing digitalization of the country’s tax collection system as provided by the EOPT law is expected to improve efficiency in tax collection and significantly reduce tax avoidance.

For 2024, the BIR has set a tax revenue collection target of P3.05 trillion from a total collection of P2.53 trillion in 2023.

“We hope that tax compliance and, in the process, tax collection would improve greatly once the provisions of the EOPT law are implemented fully and comprehensively,” Gatchalian said.

“Importante na maging mas madali para sa ating mga taxpayers ang pagbabayad ng buwis at kailangan ding sumunod ang mga taxpayers sa pagtupad sa kanilang obligasyon sa gobyerno,” he added.