KIDAPAWAN CITY – The Bureau of Internal Revenue here urged business owners and tax payers to continue and correctly pay their obligations to the government as it intensify collections to help fund various infrastructure and health programs of President Duterte’s administration that largely benefit the Filipinos.
Revenue District Officer Eddie Castillo also praised and lauded businessmen and traders who religiously pay their taxes which resulted to a spike in revenue collections.
He said the BIR Kidapawan collected some P1.3 billion in taxes last year and is now targeting to collect more because of the Tax Reform for Acceleration and Inclusion (TRAIN) Law signed by Duterte in 2017.
He said the TRAIN Law introduced changes in personal income tax, estate tax, donor's tax, value added tax (VAT), documentary stamp tax and the excise tax of tobacco products, petroleum products, mineral products, automobiles, sweetened beverages, and cosmetic procedures.
The prominent features of the tax reform are lower personal income tax and higher consumption tax. Individual taxpayers with taxable income not exceeding ₱250,000 annually are exempted from income tax. The exemption for minimum wage earners is retained in the revised tax system.
Tax rates for individual taxpayers still follow the progressive tax system with the maximum rate of 35%, and minimum rates of 20% (taxable years 2018 to 2022) and 15% (2023 onwards). On the other hand, consumption taxes, in the form of higher excise tax on tobacco products, petroleum products, automobiles, tobacco, and additional excise tax on sweetened beverages and non-essential, invasive cosmetic procedures were introduced. It also expanded the VAT base by repealing exemption provisions in numerous special laws.
The law aims to generate revenue to achieve the 2022 and 2040 vision of the Duterte administration - to eradicate extreme poverty, to create inclusive institutions that will offer equal opportunities to all, and to achieve higher income country status. It is also aimed at making the tax system simpler, fairer and more efficient.
Castillo said the BIR is only collecting taxes based on what is stipulated in the law. (Rhoderick Beñez)
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Revenue District Officer Eddie Castillo also praised and lauded businessmen and traders who religiously pay their taxes which resulted to a spike in revenue collections.
He said the BIR Kidapawan collected some P1.3 billion in taxes last year and is now targeting to collect more because of the Tax Reform for Acceleration and Inclusion (TRAIN) Law signed by Duterte in 2017.
He said the TRAIN Law introduced changes in personal income tax, estate tax, donor's tax, value added tax (VAT), documentary stamp tax and the excise tax of tobacco products, petroleum products, mineral products, automobiles, sweetened beverages, and cosmetic procedures.
The prominent features of the tax reform are lower personal income tax and higher consumption tax. Individual taxpayers with taxable income not exceeding ₱250,000 annually are exempted from income tax. The exemption for minimum wage earners is retained in the revised tax system.
Tax rates for individual taxpayers still follow the progressive tax system with the maximum rate of 35%, and minimum rates of 20% (taxable years 2018 to 2022) and 15% (2023 onwards). On the other hand, consumption taxes, in the form of higher excise tax on tobacco products, petroleum products, automobiles, tobacco, and additional excise tax on sweetened beverages and non-essential, invasive cosmetic procedures were introduced. It also expanded the VAT base by repealing exemption provisions in numerous special laws.
The law aims to generate revenue to achieve the 2022 and 2040 vision of the Duterte administration - to eradicate extreme poverty, to create inclusive institutions that will offer equal opportunities to all, and to achieve higher income country status. It is also aimed at making the tax system simpler, fairer and more efficient.
Castillo said the BIR is only collecting taxes based on what is stipulated in the law. (Rhoderick Beñez)
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