VECO: One of top 3 'large' taxpayers

The Large Taxpayers District Office of the Bureau of Internal Revenue recently recognized the Visayan Electric Company, Inc. as one of the top three large taxpayers with highest voluntary compliance on Income Tax for taxable year 2006.

Shem Jose Garcia, member of the VECO Board of Advisors, received the special plaque of recognition.

The BIR LTDO-Cebu also acknowledged VECO with the same award plus the recognition of having remitted one of the highest compliance on its Value Added Tax or Percentage Tax payments for calendar year 2005.

Conrado Lee, officer-in-charge of the LTDO, disclosed that the collection rate in 2006 doubled compared to the previous year due to consistent massive contribution from large taxpayers.

Lee said that LTDO-Cebu has proven to be consistent in surpassing collection targets.

BIR continues to count on the large number of taxpayers as their partners in nation building, contributing more than 50 percent of the total collections every year.

"As responsible corporate citizens, we must pay the right taxes on time," Nestor Valeroso, BIR assistant commissioner of the Large Taxpayers Service, said during the fifth anniversary celebration and tax campaign launch of the BIR LTDO-Cebu last March 1 held at SM City-Cebu. - Mitchelle L. Palaubsanon/MEEV