MANILA — Banks that assist the Bureau of Internal Revenue (BIR) in receiving tax payments have been allowed to extend operations on two Saturdays of April as well as operations schedule of up to 5 p.m.
BSP Deputy Governor Chuchi Fonacier, in Memorandum No. 2018-011 issued on March 23, 2018, said the authorized agent banks (AABs) can provide services from 9 a.m. to 5 p.m. on two Saturdays of April 2018 like on April 7 and 14 and extend their operations up to 5 p.m. from April 1-16, 2018.
“BIR-AABs are reminded to comply with the notification requirement, in particular, under the last paragraph of Subsection X156.1 of the Manual of Regulations for Banks,” she added.
Deadline of filing of individual annual income tax return (ITR) is scheduled every April 15 after the close of each taxable year.
BIR earlier said it will not extend the deadline for the ITR filing, thus, it has encouraged taxpayers to pay early so as not to be inconvenienced by long lines.
Failure to pay taxes on the deadline calls for penalties such as 25 percent surcharge and 20 percent interest per annum. (PNA)
