BIR: No extension for paying taxes; heavy penalties loom

Even as it stressed it is not inclined to grant an extension, the Bureau of Internal Revenue issued a last-minute warning Friday for late and non-filing of income tax returns (ITRs). BIR Commissioner Kim Henares said that aside from BIR offices, deputized banks will be open until 5 p.m. to receive the ITRs of taxpayers. “Pag late ang filing may surcharge tayo na 25 percent at interest na 20 percent per annum kung late kayo ng filing (If you file your ITRs after today’s deadline, you will have to pay a surcharge of 25 percent and an interest of 20 percent per annum)," Henares said in an interview on dzBB radio. As for those who do not file their ITRs at all, she said the BIR will go after them and file tax evasion charges against them.

Henares said those who do not file their ITRs face a 50-percent surcharge and 20-percent interest per annum, plus tax evasion cases. She said the penalties for tax evasion include up to 10 years in jail and a fine of at least P10,000. “At mahuhuli rin naman namin(Be warned, we will catch you). It’s just a matter of time . It’s just a matter of time," she said. On the other hand, Henares reminded deputized banks not to refuse those who try to file their ITRs shortly before 5 p.m. “Kailangan tanggapin nila yan. Most of the universal banks are authorized agents. They should accept the ITRs," she said. — LBG, GMA News