Respective individuals and corporations received a reminder coming from the Bureau of Internal Revenue (BIR) that they have only until today to file their 2011 income tax returns (ITRs).
Ms. Kim S. Jacinto Henares, BIR Commissioner, provided specific instructions to all revenue deputy and assistant commissioners in supervising the tax filing operations on the regional and district levels, mainly those in Metro Manila where a lot of taxpayers are based.
Including the 25% surcharge and 20% interest per year, she highlighted that April 16 is the deadline and will not be extended, if so, fines will be obligatory on late filers.
BIR chief uttered that in case of purposive or intentional neglect to file a return, the present surcharge will be increased to 50 percent of the tax due.
Whether single or married, an individual taxpayer is allowed of the basic personal immunity of P50,000 plus P25,000 for each dependent child but not exceeding four. Only the other half reporting income can get the personal immunity.
The supplementary exemption for children shall be obtained by the husband, unless he waives his right in favor of his wife.
In the case of legally separated spouses, the supplementary exemption shall be claimed by the spouse who has safekeeping of the dependents.
Required to file ITRs are Filipino citizens residing here, Filipinos residing abroad but earning income here and foreigners residing and deriving income from the country.
An individual is excused from filing an ITR if his revenue does not surpass his total personal and additional exemptions and whose income has been subjected to final withholding tax.
Also exempted from this are the minimum wage earners and Overseas Filipino Workers (OFW) as far as their earnings from such employment are concerned.
An OFW is however required to file return and pay taxes if he derives income from sources within the country, say operating a grocery store and apartment houses.
An individual is not required to file ITR but may voluntarily submit one for purposes of loans and foreign travel requirements.