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Business

BIR collects over P2B from delinquent accounts

Zinnia B. Dela Peña - The Philippine Star

MANILA, Philippines - The Bureau of Internal Revenue (BIR) earned more than P2 billion from the collection of delinquent and unpaid accounts since last year.

An account becomes delinquent when the due date for a tax return or other established liability has passed and the amount due remains unpaid. Penalties and interest begin to accrue on the unpaid tax until the entire balance is paid in full.

In a statement, the BIR said the arrears management teams of four revenue regions (Makati, Manila, Quezon City and Caloocan), collected P2.205 billion since the initial implementation of the Arrears Management Project (AMP) in March 2013.

From January to July this year, P1.19 billion was collected from Metro Manila taxpayers with past-due accounts.

The balance of P1.08 billion was collected from March to December 2013.

The project’s goal is to ensure timely, appropriate and cost effective collection actions amid growing accounts receivables/delinquent accounts of the BIR.   

The BIR has put in place a web-based system to track the status, whereabouts and actions taken on any accounts receivable or delinquent accounts arising from self-assessed taxes or as a result of audit or third party information.

With the Accounts Receivable Monitoring System (ARMS), the BIR can update the status of delinquent account cases.

The AMP involves the fielding of seizure agents and staff, locating delinquent taxpayers and undertaking collection enforcement activities through streamlined procedures and policies culled from international best practices.

vuukle comment

ACCOUNTS

ARREARS MANAGEMENT PROJECT

BILLION

BIR

BUREAU OF INTERNAL REVENUE

DELINQUENT

FROM JANUARY

MAKATI

METRO MANILA

QUEZON CITY AND CALOOCAN

WITH THE ACCOUNTS RECEIVABLE MONITORING SYSTEM

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