THE Department of Finance (DOF) has cited the country’s top 500 taxpayers that, as of May 19, have heeded the government’s call for corporations and individuals to file their income tax returns (ITRs) ahead of the payment deadlines, which were extended amid the implementation of community quarantines as part of measures to address the coronavirus disease 2019 (COVID-19) pandemic.
Carlos Dominguez, DOF secretary, said in a statement yesterday the “bayanihan” spirit exemplified by these taxpayers deserves recognition, as their early ITR payments have provided the government with the much needed additional funds to sustain the social amelioration programs, emergency health measures, and the economic stimulus packages amid the global health crisis induced by the pandemic.
“We hope that the commendable act of these taxpayers would inspire other taxpayers to do the same and contribute to our nation-building as we work together to get the economy back on its feet in the face of the COVID-19 pandemic,” Dominguez said.
The Bureau of Internal Revenue (BIR) had extended the tax payment deadlines thrice in April and May during the community quarantine period in Metro Manila and the rest of Luzon.
Heading the list of corporate taxpayers are BDO Unibank Inc., Robinsons Land Corp., Manila Electric Co., Bank of the Philippine Islands, Unilab Inc., Mercury Drug Corp., Maynilad Water Services Inc., Metrobank Card Corp., Globe Telecom Inc., and Innove Communications Inc.
Next on the list of top taxpayers are the Philippine Ports Authority, Manila International Airport Authority, Citra Metro Manila Tollways Corp., Taganito Mining Corp., Security Bank Corp., Monde Nissin Corp., Eagle Cement Corp., Huawei Technologies Phil. Inc., Phil Gold Processing & Refining Corp., and First Gas Power Corp.
The top 500 annual ITR filers of 2019 was derived based on the amount paid per annual ITR as of May 19, 2020.
The DOF said taxpayers who have filed their ITRs within the original deadline or prior to the extended deadlines can amend their tax returns at any time on or before the final extended due dates set by the BIR.
In case these taxpayers need to pay additional taxes, they can do so without having to pay penalties, provided such payments are made not later than the final extended deadlines fixed by the BIR.
On the other hand, if the amended returns will result to overpayment of taxes paid, the taxpayers can opt to carry over the overpaid taxes as credit against their taxes due for the same tax type in the succeeding periods or file claims for a refund.
