TODAY'S BUSINESS HEADLINES

DOF rejects plea for retention of income-tax holiday in top 4 tourist destinations

Meralco unit, 4 other firms to bid for MRT3 maintenance contract

PAL to ditch India flights

PSEi climbs near 7,400-mark after record close on Wall Street

Philippines opens new tourism market with 1st air deal with Brazil

Flooded businesses get one-day extension for payments, but no tax relief - BIR

BIR chief Kim Jacinto-Henares

InterAksyon.com means BUSINESS

MANILA - In light of the heavy rains and floods, the Bureau of Internal Revenue on Thursday announced that it will give businesses a one-day extension of the deadline for the filing of their electronic payments.

But other than this brief respite, the BIR is provide no other relief to businesses hard hit by the torrential monsoon rains and the resulting floods.

"Flood in itself is not a ground for tax abatement nor it is a ground for moratorium," Commissioner Kim Jacinto-Henares told InterAksyon.com.

"We do not have the authority to grant such relief to tax payers absent a legislation," she added.

Section 233 of the Tax Code provides the grounds for tax abatement as follows:

- The tax or any portion thereof appears to be unjustly or excessively assessed; or

- The administration and collection costs involved do not justify the collection of the amount due.

On Thursday, the BIR issued Revenue Memorandum Circular 41-2012, moving the deadline for the e-filing and e-payment of BIR Forms 1600, 1606, 1601C, 1602, 1601E, 1601F and 2200M by a day from August 10.

"Due to continuing bad weather condition, the deadline for the filing is hereby moved to August 13, 2012 for the affected Revenue District Offices, including affected Authorized Agent Banks," the order read.

The extended deadline will cover the following jurisdictions:

- RDOs 1 to 6 in Calasiao, Pangasinan;

- RDOs 17A, 17B, 18, 19, 20 21A, and 21B in San Fernando, Pampanga;

- RDOs 24, 25A, 25B, 26 and 27 in Caloocan City;

- RDOs 29, 30, 31, 32, 33, and 34 in Manila;

- RDOs 28, 38, 39, 40, 41, 42, 43A, 43B, 45 and 46 in Quezon City;

- RDOs 54A, 54B, 55 to 63 in San Pablo City; and

-Large Taxpayers Assistance Division I, II, III and Large Taxpayers District Office (LTDO) I and II, including LTDO-Makati, under the Large Taxpayer Service.

"The only reason why we moved the deadline for the e-payments is that most of the mentioned offices do not have the sufficient workforce to attend to the filing today, since a lot of our employees in charge can't go to work as of today," Jacinto-Henares said.

"The country needs money, and we cannot simply extend tax relief not embodied in our authority," she added.

 

InterAksyon.com means BUSINESS

BUSINESS NEWS  
OTHER BUSINESS STORIES  

Business DOF rejects plea for retention of income-tax holiday in top 4 tourist destinations
Business Meralco unit, 4 other firms to bid for MRT3 maintenance contract
Business PAL to ditch India flights
Business PSEi climbs near 7,400-mark after record close on Wall Street
Business Philippines opens new tourism market with 1st air deal with Brazil
Business Sarah Jessica Parker inaugurated 'illegally' built SM mall, BCDA says
National | Business EXCLUSIVE | Zest Air suspends flights to Taiwan
Business | National BIG WINNERS IN 2013 ELECTIONS | Networks GMA, ABS-CBN report advertising windfall
Business MINDANAO POWER CRISIS | US aid sought in sprucing up relic of Fil-Am relations
Business SEC warns public against new pyramiding scam
Business Real estate exposure of banks not yet worrisome, Tetangco says
Business Asean, 6 trade partners begin talks for FTA to rival US-led trans-Pacific initiative
Business DOF to push for higher public float requirement on listed firms