BIR eyes P258-B from individual income taxes in 2013

Posted at 01/14/13 2:31 PM

MANILA, Philippines - The Bureau of Internal Revenue (BIR) is targeting to collect P258.14 billion from individual taxes this year, a 16.4% increase from last year's collection of P221.77 billion.

BIR deputy commissioner Estela V. Sales is hoping the agency's campaign against tax evaders will encourage more Filipinos to pay the correct taxes.

Individual income taxes account for over a fifth of the BIR’s tax collection.

Most of the individual income tax collection is from salaried individuals whose taxes are automatically withheld by employers.

However, the BIR noted there is still a high incidence of tax evasioon among professionals. Professionals such as doctors and self-employed businessmen pay only less than P20,000 annually.