In order to increase the collection of individual income tax by some 15%, the Philippines’ Bureau of Internal Revenue (BIR) has disclosed that it will raise its budget in 2012.
Individual income tax represents over 20% of BIR’s annual revenue from tax returns. The BIR targeted its collection to be almost PHP222.3bn in 2012 and hoped that self-employed professionals, such as doctors, lawyers and accountants, will come forward and comply with their tax obligations. It was also noted that the BIR’s ‘Run After Tax Evaders’ programme should encourage tax compliance of the individual professionals and ensure filling their income tax returns correctly and on time.
