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Philippines – DOF: Deadline of filing of tax returns moved to May 15
MANILA, Philippines — Filing of tax returns has been moved to May 15 from April 15, as relief for tax payers who were unable to prepare for filing amid the lockdown in Luzon, the Department of Finance said.
In a statement Thursday, DOF said the Bureau of Internal Revenue “has extended the deadline for the filing of 2019 annual Income Tax Returns by a month to May 15, 2020.”
The Finance department however urged those who are ready to file their ITRs before April 15 to do so “in order to help the Duterte administration raise enough funds for the scaled-up national efforts to slow the spread of the novel coronavirus [disease] known as COVID-19.”
President Rodrigo Duterte placed all of Luzon under enhanced community quarantine from March 17 until April 12 and ordered restricted movement outside each homes.
Mass transportation has likewise been suspended.
The BIR, which collects around 80% of tax revenues yearly, relies heavily on a typical surge in collections during April as taxpayers troop to their offices to settle their income tax duties.
Finance Secretary Carlos Dominguez III said the government is set to lose P91 billion this year as the spread of the virus spooks consumers from economic activities like travel, which generates revenues for the government.
Source: https://www.philstar.com/business/2020/03/19/2002067/dof-deadline-filing-tax-returns-moved-may-15