The leading tax collection unit of the Bureau of Internal Revenue (BIR) has surpassed by a big margin its collection assignment as it garnered P1.4 trillion of December 22, 2020.
Revenue Assistant Commissioner Manuel Mapoy, head of the Large Taxpayers Service (LTS), said the take was P135.5 billion higher than the goal of P1.2 trillion for 2020.
The LTS exclusively handles the investigation of the country’s 3,000 top corporations including multinationals and inter-related companies.
Mapoy said the remarkable fate was achieved through relentless audit of financial statements and other tax returns.
He said many individuals and companies availed themselves of the current tax amnesty on delinquencies program to avoid investigation and pay interest and surcharges for deficiencies found during probe.
The amnesty grants delinquent taxpayers discounts of up to 60 percent of the basic tax assessed without interest and surcharges.
LTS collects about 70 percent of the annual total take of the bureau.
Next year, the specialized audit service is tentatively set to raise P2 trillion of the P4.5 trillion budget of the national government.
The Development Budget Coordination Committee has yet to assign the collection target for 2021.