The Large Taxpayers Service (LTS) of the Philippines’ Bureau of Internal Revenue (BIR) has begun the 2014 tax season by praising corporate taxpayers for their contribution to the growth in collected revenue.
In 2013 the LTS improved its 2013 revenue target by about 16 percent, and collected approximately 67 percent of the BIR’s PHP1.217 trillion (USD49.5bn) total tax collections for 2013. Reforms being undertaken by the BIR, such as the introduction of revised tax forms, are intended to promote the correct payment of taxes and provide data needed by the BIR for tax compliance.
