Photo: a company prepares to file its income tax returns
The Department of Finance (DOF) has cited the country`s Top 500 taxpayers as of May 19 that have heeded the government call for corporations and individuals to file their income tax returns (ITRs) ahead of the deferred payment deadlines during the twice-extended lockdown in the country to stop the community transmission of the lethal coronavirus.
Heading the Top 10 list of corporate taxpayers are BDO Unibank, Inc. (BDO), Robinsons Land Corp. (RLC), Manila Electric Co. (Meralco), Bank of the Philippine Islands (BPI), Unilab, Inc. (Unilab), Mercury Drug Corp. (MDC), Maynilad Water Services Inc. (Maynilad), Metrobank Card Corp. (MCC), Globe Telecom, Inc. (Globe) and Innove Communications, Inc. (ICI).
Next on the list of top taxpayers are the Philippine Ports Authority (PPA), Manila International Airport Authority (MIAA), Citra Metro Manila Tollways Corp. (CMMTC), Taganito Mining Corp. (TMC), Security Bank Corp. (SBC), Monde Nissin Corp. (Monde), Eagle Cement Corp. (ECC), Huawei Technologies Phil., Inc. (Huawei), Phil Gold Processing & Refining Corp. (PGPRC) and First Gas Power Corp. (FGPC).
The Alphabetical List of the Top 500 Annual ITR Filers of 2019 can be viewed at https://bit.ly/Top500AITRfilers2019.
Finance Secretary Carlos Dominguez III said the “bayanihan” spirit exemplified by these taxpayers—in keeping with Republic Act (RA) No. 11469 or the Bayanihan to Heal As One Act—deserves recognition as their early ITR payments have provided the Duterte administration the much needed additional funds to sustain the government’s social amelioration programs, emergency health measures and the economic stimulus packages amid the global health crisis induced by the coronavirus disease 2019 (COVID-19) contagion.
“We hope that the commendable act of these taxpayers would inspire other taxpayers to do the same and contribute to our nation-building as we work together to get the economy back on its feet in the face of the COVID-19 pandemic,” Dominguez added.
Taxpayers who have filed their ITRs within the original deadline or prior to the extended deadlines can amend their tax returns at any time on or before the final extended due dates set by the Bureau of Internal Revenue (BIR).
In case these taxpayers need to pay additional taxes, they can do so without having to pay penalties, provided such payments are made not later than the final extended deadlines fixed by the BIR.
On the other hand, if the amended returns will result to overpayment of taxes paid, the taxpayers can opt to carry over the overpaid taxes as credit against their taxes due for the same tax type in the succeeding periods or file claims for a refund.
The BIR had extended the tax payment deadlines thrice in April and May during the community quarantine period in Metro Manila and the rest of Luzon.