BSP allows banks to extend operating hours for ITR filing

The Bangko Sentral ng Pilipinas (BSP) has given authorized agent banks to extend banking hours to accommodate the filing of income tax returns and the payment of the corresponding tax dues before the April 16 deadline set by the Bureau of Internal Revenue (BIR).

BSP Deputy Governor Nestor Espenilla Jr. has issued Memorandum Circular 2012 – 014 allowing BIR authorized agent banks to extend banking hours to receive income tax returns.

Espenilla stated in the circular that banks could extend their banking house to 5 p.m. from the current 3 p.m. starting April 2 to April 16.

The central bank also allowed authorized agent banks of the BIR to open on two Saturdays – on March 31 and April 14, from 9 a.m. to 5 p.m. – to receive income tax returns.

Espenilla said the order was issued to assist the BIR in receiving tax payments covering the calendar year 2011.

The BIR hopes to book a record monthly collection of P122.8 billion with the deadline of the filing of income tax returns and the payment of the corresponding taxes in April this year.

The projected collection in April would surpass the previous record monthly collection of P103.393 billion booked last year by as much as 18.8 percent.

The BIR is set to collect P232.67 billion worth of taxes in the first quarter of the year, P302.69 billion in the second, P264.94 billion in the third, and P265.82 billion in the fourth quarter.

The BIR sees collections breaching the P1-trillion level, increasing 13.4 percent to P1.066 trillion this year from about P940 billion last year. BIR collections increased 12.7 percent to P849.51 billion as of end-november last year from P753.32 billion as of end-november 2010.

Bulk or P647.33 billion would be in the form of taxes on net income and profits followed by value added tax (VAT) with P226.18 billion, excise tax with P71.17 billion, other taxes with P61.24 billion, and percentage taxes with P60.18 billion.

Based on Revenue Memorandum Circular 1-2012, the bulk or P674 billion of the BIR’S full-year collection goal would be collected by the Large Taxpayer Service. The amount accounts for 63.22 percent of the full-year goal.

The LTS group, which is in charge of taxing the country’s big companies, would also be in charge of collecting the agency’s excise tax target of P71.083 billion.

The different revenue district offices, meanwhile, are tasked to generate P355.31 billion for the year. The amount represents 33.3 percent of this year’s goal.

The income goal from non-bir operations is at P47 billion, representing taxes to be collected from debt papers issued by the government.