Cebu’s large taxpayers division surpasses revenue target by 1.5%

CEBU, Philippines - The Large Taxpayers Division in Cebu surpassed its revenue target of P26.8 billion by 1.5% in 2014, a report from the Department of Finance showed.

LTD Cebu which just launched its 2015 tax campaign this week collected P27.2 billion last year from large taxpayers – mostly big corporations.

In 2013, LTD Cebu which is under the national Bureau of Internal Revenue had also exceeded 0.17% its tax goal of P21.162 billion by posting an actual collection of P21.197 billion.

Data from the BIR indicated that the Cebu division is set to rake in revenues of P38.8 billion from large taxpayers this year. Bulk of the revenues will come from income taxes set at P26.15 billion.

Nationally, the tax agency's Large Taxpayer Service has a collection target of P1.07 trillion, an amount which, the LTS said, could be achievable with the active involvement of large taxpayers.

To meet its revenue goal, the LTS vowed to "identify the tax collection gap, strategize, improve operational efficiency and prioritize programs and activities."

In addition, LTD Cebu recognized City Savings Bank, Aboitiz Energy Solutions Inc and M. Lhuillier as its top contributors for 2014.

LTD Cebu said the three firms reportedly recorded a rise in tax payments of not less than P100 million, posting a growth rate of more than 20%.

LTS has seven divisions nationwide and the Cebu division is the seventh in terms of value of annual income collection. (FREEMAN)