THE BUREAU of Internal Revenue (BIR) said it was confident it will hit its P400 billion-target for tax collections for April.
BIR Commissioner Romeo D. Lumagui, Jr. told reporters on Monday that the BIR was confident due to the aggressive enforcement measures like a crackdown on the issue of fake receipts.
“We’re expecting that we will be able to meet the P400-billion target for April. If we total the income taxes for the year 2023, we’re expecting to reach that,” he said, referring to the April 15 filing deadline for income tax returns.
He said the 2023 collection target for income taxes is likely to be met, with 4 million total filers, and only 5% yet to file before the April 15 deadline.
However, Mr. Lumagui noted that the BIR still faces challenges in collecting excise taxes from heated tobacco products, and vapor products (vapes).
The BIR also extended by 90 days the transition period for online sellers to collect a 1% withholding tax from the original April 14 deadline.
Electronic marketplace operators and digital financial services providers now have until July 14 to comply, according to BIR Memorandum Circular No. 54-2024. — Aaron Michael C. Sy
