MANILA -- Authorities on Wednesday reminded the public to file their income tax returns and settle their dues before the April 15 deadline, as they outlined the easier process this year under a new tax law.
Taxpayers need to fill up 2 to 4 pages of forms compared to 12 pages before the Tax Reform for Acceleration and Inclusion took effect. The same law reduced personal income tax rates.
The Bureau of Internal Revenue is targeting P2.271 trillion in collections this year. It collected P1.952 trillion in 2018, compared to the P2.042 trillion target, said BIR Deputy Commissioner Marissa Cabreros.
"This is a friendly reminder para hassle-free (This is a friendly reminder so that you'll be hassle-free)," Cabreros told reporters in Malacanang.
Those who fail to meet the April 15 deadline need to pay a 25-percent surcharge and 12-percent interest per annum.
Individual taxpayers earning purely from compensation need to manually download form 1700 from the BIR website before filing and paying at the bank, Cabreros said.
All other types of taxpayers can file and pay through online channels including the Land Bank of the Philippines and the Development Bank of the Philippines, she said.
The BIR's regional offices have set up tax filing assistance centers. Its head office in Manila will be open on the 2 Saturdays leading to the deadline, April 6 and 13, she said.
Cabreros said the BIR also asked banks to extend operating hours to assist taxpayers.