The Bureau of Internal Revenue (BIR) has reminded business entities and individual taxpayers that they only have until tomorrow, April 15 to file their 2020 income tax returns (ITRs).
BiR Deputy Commissioner for Operations Arnel Guballa reiterated Wednesday, April 14 that the deadline will be not be extended.
He said, however, that tentative returns may be corrected, or amended before May 15 without penalty for either lack of payment or under payment.
Likewise, taxpayers may seek a refund for excess payment, or–should they prefer it–credit to be applied on future liabilities.
Revenue officials have noted that the government can’t delay the collection of taxes from ITRs since it needs more funds to fight the coronavirus disease (COVID-19) and in turn help businesses recover.
Fiscal authorities has fixed the bureau’s collection goal for the year at P2.08 trillion.
Many taxpayers sought the postponement of the deadline for fear of catching the virus when they go out of their homes to file the returns and pay taxes.
They reckoned that the deadline should be extended until such time that the health crisis has subsided.