THE BUREAU OF INTERNAL REVENUE reminds taxpayers to responsibly pay their obligations as the filing of annual income tax returns (ITR) will be on or before 15 April 2019.
Revenue District Officer Amanoding Esmail of Revenue District Office (RDO) 101, Iligan City, said that the Income Tax is a tax on all yearly profits arising from property, profession, trades or offices or as a tax on a person’s income, emoluments, profits and the like.
This, he explained during the unveiling of the Bureau’s Tax New Campaign logo dubbed, “PARA SA INYO, MAGING TAPAT TAYO, SERBISYONG TAPAT, BUWIS NA SAPAT.”
Those required to file Income Tax Returns include individual and resident citizens receiving income from sources within or outside the Philippines and employees deriving purely compensation income from two or more employers, concurrently or successively at any time during the taxable year.
This also includes employees deriving purely compensation income regardless of the amount, whether from a single or several employers during the calendar year, the income tax of which has not been withheld correctly (i.e. tax due is not equal to the tax withheld) resulting to collectible or refundable return and self-employed individuals receiving income from the conduct of trade or business and/or practice of profession.
ITRs are also applicable to individuals deriving mixed income, i.e., compensation income and income from the conduct of trade or business and/or practice of profession and those deriving other non-business, non-professional related income in addition to compensation income not otherwise subject to a final tax.
Further, Individuals receiving purely compensation income from a single employer, although the income of which has been correctly withheld, but whose spouse is not entitled to substituted filing, should also file the ITRs.
Non-resident citizens receiving income from sources within the Philippines and aliens, whether resident or not, receiving income from sources within the Philippines, ahsll also file.
For non-individuals, ITRs should be submitted by corporations including partnerships, no matter how created or organized, domestic corporations receiving income from sources within and outside the Philippines and foreign corporations receiving income from sources within the Philippinesand Estates and trusts engaged in trade or business.
Esmail further said that there would be no extension of filing, rather those late filers shall have surcharges.(By Lorry V. Gabule)