Bureau of Internal Revenue will now work closely on how top taxpayers pay their taxes after their office is P16.9-B short of their target collection.
During the launch of BIR Large Taxpayers Service (LTS), Department of Finance Sec. Cesar Purisima said that aside from big companies, they will keep track to the so-called “high net worth individuals.”
“High net worth individuals are still lagging behind in terms of their share in nation building, in terms of their share in paying taxes. My proposal is to have a high net worth large taxpayer group similar to the LTS,” the Finance Secretary said.
Purisima also added that BIR must continuously invest in information and communication technology to boost its collections.
The BIR accounts for 80 percent of government revenues.
Last year, LTS garnered 61.15% of the total BIR collections. LTS collected P881.48-B last year.
However, it still lagged behind of the BIR’s target of P1.32 trillion.
“This demonstrates how narrow our tax base it...We need to expand this because this country is not just about 2,000 companies,” Purisima pointed out.
BIR needs to double their efforts to reach our target for next year especially that presidential candidates are using the tax deduction as their platform of government for this election