Filipinos asked to file ITR early
With the Philippine BIR’s call to step up revenue collection as an economic policy thrust, the Philippine Consulate General puts into high gear the tax filing campaign for Filipinos in the CNMI.
It underscores BIR’s announcement that the common practice of extending the tax season beyond the prescribed deadline of April 15 will no longer be granted.
Philippine income tax season ends on April 15, 2001 for incomes earned for the year 2000. This is the last day for filing tax returns without the imposition of penalty as provided by Republic Act 8424 otherwise known as the Comprehensive Tax Reform Act of 1997.
Under the law, overseas Filipinos working in countries with which the Philippines has a standing agreement on the prevention of double taxation are exempt from payment of income taxes but not the filing of tax returns for information purposes.
The campaign is also directed to employers in the Commonwealth who are authorized to file the returns of their Filipino employees in which case forms are available upon request. Bulk filing is recommended to avoid disruption of work at workplaces.
Failure to file tax returns would result in penalties based on the “30-25-20 formula wherein $30, $25, and $20 would be meted out for the years 1998, 1999, and 2000 respectively.
The Philippine Consulate General is finalizing schedules for the filing of tax returns in the islands of Rota and Tinian and will be announced later this week.
Meantime, to ease the anticipated rush to file returns on or about April 15, the Consulate General is appealing to Filipinos in the area to file their income tax returns early.
