BIR to sanction firms evading eFPS system » Manila Bulletin News

Manila Bulletin Philippines

Breaking News from the Nation's leading newspaper

Tempo

Online Newspaper

Showbiz and Celebrity News

Sports News

World News
News Asia

BIR to sanction firms evading eFPS system

Published

By Jun Ramirez

The Bureau of Internal Revenue (BIR) will sanction big business enterprises across the country which do not file tax returns and pay taxes via the electronic filing and payment system (eFPS), as required.

The BIR issued the warning following a disclosure by Quezon City Revenue Regional Director Marina De Guzman that more than 20 of the top 500 corporations in her region are still filing their returns manually.

She did not identify the erring firms.

She said the offending firms will be penalized R1,000 for each return under Section 250 and 25 percent surcharge of the tax due, under Section 248 of the Tax Code.

They will also be subjected to priority audit of investigation for possible fraud.

Revenue officers from the Quezon City suspect that by filing tax returns manually, the large taxpayers are able to conceal certain transactions and avoid paying the correct taxes.

Tags: , , , ,

Related Posts