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| Philippines Tax Man To Target Professionals |
by Mary Swire, Tax-News.com, Hong Kong
Friday, February 03, 2012
The Philippines Bureau of Internal Revenue (BIR) has received an instruction
from Finance Secretary Cesar Purisima to formulate policies leading to a substantial
increase in the income tax compliance of the country’s professionals and
self-employed.
In its quest for additional tax revenues, the BIR has been looking to widen
the country’s tax net, and has been targeting, in particular, professionals,
such as doctors, lawyers, accountants and other high-earning self-employed individuals,
as it has been pointed out that a problem with tax compliance still exists
in that sector of the workforce.
President Benigno Aquino III, in his State of the Union Address in July last
year, pointed out that, “according to the BIR, we have around 1.7m self-employed
and professional taxpayers who paid a total of PHP9.8bn (USD228m) in 2010, (and)
must have earned only PHP8,500 a month, which is below the minimum wage. I find
this hard to believe.”
The BIR has been urging professionals to comply with tax laws and file their
income tax correctly and on time, but Purisima has now confirmed that he is
putting pressure on the BIR with a target of increasing the average tax payment
of professionals to PHP100,000. One objective is to redress the balance in collections
of income tax between the self-employed and the employed – the latter
presently providing the bulk of the BIR’s collections.
It has already been disclosed that the BIR has sufficient data available to
check whether an individual’s lifestyle is out of line with taxes paid.
The BIR has been provided with the authority to access information from a wide
range of public and private sources to check on a taxpayer’s income tax
capacity.
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