The Bureau of Internal Revenue (BIR) has strengthened its monitoring of the country’s large taxpayers, particularly on the value-added tax (VAT).
BIR’s collections of first half of this year reached PHP643.2bn (USD14.8bn), which is more than 8.43% compared to the same period as last year. During the same time period LTS (Large Taxpayer Service) collections reached P391.18 billion, higher by 6.3% compared to the same period as 2013 despite the country’s struggling economy.LTS revenues have been increased by 2.5% in June of 2014.
VAT Audit Group of the LTS have strengthened and will work full time to implement the quality of audit to correct taxpayer errors and detect violations with the end in view of improving compliance. The LTS were instructed to specifically look into the tax compliance of the financial and insurance sector.
