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Billionaires’ companies file tax returns despite ECQ

By CHINO S. LEYCO

President Rodrigo R. Duterte’s chief economic manager commented the corporations that have heeded the government call to file their income tax returns (ITRs) ahead of the deferred payment deadlines.

Finance Secretary Carlos G. Dominguez III

Finance Secretary Carlos G. Dominguez III

In a statement, Finance Secretary Carlos G. Dominguez III said yesterday that several corporations deserve recognition by the government after exemplifying their “bayanihan” spirit amid crisis.

Dominguez said the early ITR payments of these companies have provided the national government the much needed additional funds to sustain the country’s coronavirus response.

As of May 19, companies controlled by billionaires Teresita T. Sy, Lance Y. Gokongwei, Manuel V. Pangilinan, Jaime Augusto Zobel de Ayala, Jocelyn Campos-Hess, and Vivian Que-Azcona topped the list of corporate taxpayers.

“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 said.

Heading the Top 10 list of corporate taxpayers are BDO Unibank, Inc., Robinsons Land Corp., Manila Electric Co., Bank of the Philippine Islands, Unilab, Inc., Mercury Drug Corp., Maynilad Water Services, Inc., Metrobank Card Corp., Globe Telecom, Inc. and Innove Communications, Inc.

Next on the top list were the Philippine Ports Authority, Manila International Airport Authority, Citra Metro Manila Tollways Corp., Taganito Mining Corp., Security Bank Corp., Monde Nissin Corp., Eagle Cement Corp., Huawei Technologies Phil., Inc., Phil Gold Processing & Refining Corp. and First Gas Power Corp.

Earlier, it was reported that the San Miguel Group and Ayala Group have advanced their tax payments ahead of the tax deadline to help the government raise funds for the COVID-19 response measures.

The complete alphabetical list of the Top 500 Annual ITR Filers of 2019 can be viewed at the Department of Finance (DOF) website, wwww.dof.gov.ph.

Dominguez said that taxes paid by these firms helped the government in funding the social amelioration programs, emergency health measures and the economic stimulus packages amid the global health crisis induced by the coronavirus contagion.

To recall, the Bureau of Internal Revenu deferred the tax payment deadlines thrice from April 15 and June 15 during the twice-extended community quarantine period in Metro Manila and the rest of Luzon.

“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 BIR,” the DOF said.

“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,” the department added.

On the other hand, if the amended returns will result to overpayment of taxes paid, the DOF said 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.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/25/billionaires-companies-file-tax-returns-despite-ecq/)

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