MANILA, Philippines—The Bureau of Internal Revenue believes that several corporate taxpayers have been dodging payments of their tax obligations.
In a statement issued yesterday, the BIR said there had been a high level of delinquency among corporate entities in the submission of reports needed to detect shortfalls in the remittance of the 12-percent value-added tax.
Under Revenue Regulation No. 8-2002, corporate taxpayers are required to regularly submit a list of sales and purchases to the BIR. The revenue agency uses the document as a guide to determine whether companies have been properly declaring sales and paying the right amounts of VAT.
A purchase declared by one company to the BIR is matched with a sale reported by its supplier.
The BIR has expressed concern that compliance with this documentary requirement has been low.
“A review of the degree of taxpayer compliance with these regulation has disclosed … that less than 30 percent of registered VAT taxpayers who are required to submit such information have actually complied with this requirement,” BIR Commissioner Sixto Esquivias IV said. -Michelle V. Remo, Philippine Daily Inquirer
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