Connect with us

Hi, what are you looking for?

Economy

BIR ends two amnesty programs without extension

The Bureau of Internal Revenue (BIR) said the Voluntary Assessment and Payment Program (VAPP) and tax amnesty for delinquencies expired Wednesday with no plans to extend the deadline.

BIR Deputy Commissioner Marissa O. Cabreros said in a Viber message the deadlines will not be extended after several such extensions given last year.

In the case of the tax amnesty on delinquent accounts, Ms. Cabreros said the BIR is not authorized to extend the program by Republic Act No. 11494 or the Bayanihan to Recover As One Act (Bayanihan II), which had allowed the government to move statutory deadlines as a form of pandemic relief.

The BIR has yet to disclose collections generated by the program.

The validity of the tax amnesty program on delinquencies was extended four times last year, after an initial April 23 deadline. It covers all national internal revenue taxes such as income tax, withholding tax, capital gains tax, donor’s tax, value-added tax, other forms of percentage tax, excise tax and documentary stamp tax running back to 2017.

The BIR collected P3.544 billion in revenue from the program from its launch in April 2019 to December 2020.

The two tax amnesty programs were authorized by Republic Act No. 11213 or the Tax Amnesty Act signed in February 2019. Certain provisions were vetoed by President Rodrigo R. Duterte, who opposed a general amnesty without lifting bank secrecy laws.

The VAPP allowed taxpayers to voluntarily settle their tax arrears allowing the BIR to collect revenue that would have otherwise had to be extracted via audits. It covers all internal revenue taxes for the taxable year ending December 2018 and fiscal year 2018 ending July 2018 to June 2019.

The program was initially set to expire at the end of 2020. The BIR extended its validity until June 30.

Meanwhile, the agency is also still waiting for President Rodrigo R. Duterte’s to sign a bill that will extend the validity of the estate tax amnesty program for another two years, after the program concluded on June 14.

The BIR collected P872.414 billion between January and May, up 29.5% from the same period last year. The agency is tasked to collect P2.081 trillion this year. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

Bankers and accountants are among those being summoned back to their offices after the government scrapped its work-from-home guidance in England with immediate effect....

Investing

The kitchens of Michelin-starred restaurants too often descend into alternative “moral universes” where bullies and bad behaviour thrive, a study has suggested. While Gordon...

Investing

A company controlled by the Duke of York and used to manage his investments is more than £200,000 in debt, according to newly filed...

Investing

Rogue waste collectors who fly-tip household rubbish will be targeted under a government crackdown. Fly-tipping increased sharply last year to 1.1 million cases in...

Investing

Peloton Interactive lost more than 25 per cent of its value on Wall Street at one point last night after the exercise bike maker...

Investing

Boris Johnson said the country is on a path to “complete normality” as commuters began returning to the office. After work from home guidance...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.