By Jun Ramirez
The Bureau of Internal Revenue (BIR) is stepping-up its tax compliance verification drive (TCVD) and other enforcement activities to further enhance the voluntary payment of taxes and boost its chances of meeting its 2019 collection assignment of P2.3 trillion.
TCVD involves street-by-street inspection of businesses nationwide by taxmen to determine compliance with revenue regulations like the registration of point-of-sales (POS) and other invoicing machines.
Insiders said many shrewd business operators used unregistered cash machines in order to hide correct sales records, thus paying less income, value-added and percentage taxes.
Others don’t register their operations to escape paying taxes.
Special audit teams from the national and regional offices will also review the accuracy of e-sales records (computerized accounting) periodically submitted by business enterprises.
The enforcement activities also covered the inventory of oil companies’ stocks to establish sales database needed for reconciliation and monitoring purposes.
The BIR reminded oil companies to secure a withdrawal certificate (WC) from the bureau whenever petroleum products are transported out of the refineries, or shipped into the country as prescribed under Revenue Memorandum Circular 50-2014 which was issued to ensure that excise tax is paid upon delivery.
The BIR warned it will confiscate petroleum products on transit not covered with withdrawal certificate.