MAKATI CITY, Philipines – The Large Taxpayers Service (LTS) of the Bureau of Internal Revenue (BIR) produced its own version of a starry and well-attended tax campaign kickoff program for 2014 at the posh Solaire Resort & Casino Grand Ballroom in Aseana, Entertainment City, Parañaque last February 25, 2014.
The kickoff program was attended by a full house crowd of elegantly-dressed Chief Executive Officers, Chief Financial Officers, Chief Operating Officers and heads of the country’s largest corporate taxpayers numbering to about 2,140, including participants from government, civic, business, media, and professional organizations.
Department of Finance Secretary Cesar V. Purisima and Commissioner of Internal Revenue Kim S. Jacinto-Henares called on all taxpayers to work together for the country’s fiscal health.
Purisima, named “2012 Finance Minister of the Year” by global and banking finance magazine Euromoney and “2011 Finance Minister of the Year” by the London-based financial news source Emerging Markets, congratulated the large taxpayers and the BIR for the double-digit increase in the collection of the LTS. Anchored on the virtuous cycle of good governance, he expressed his desire to increase the number of large taxpayers and reminded the underperforming sectors like the realty/construction business to improve on their compliance. He stressed that the payment of taxes (right) help ensure Philippine Fiscal Health as benefits from the use of taxes go back to the taxpayers and businesses.
Commissioner Henares for her part again called on taxpayers to file early and pay their taxes right. She said, “This early, prepare your documents and file the soonest. Avoid possible inconveniences like long queues and unsettled issues that will delay compliance on your part.“ She emphasized that consistency in the payment of taxes by large taxpayers ensure funds for the government. She clarified that reforms being undertaken by the BIR such as the introduction of revised tax forms help ensure correct and honest payments of taxes and make available data needed by the tax agency.
Towards the conclusion of the program, the LTS awarded plaques of recognition to its top taxpayers. The Billionaire Award was given to taxpayers with income tax due of more than P1 billion and with a recorded growth of more than 20% for 2013. The Billionaires’ Club includes Bank of the Philippine Islands, CITRA Metro Manila Tollways Coporation, DMCI Project Developers Incorporated, Emperador Distillers, Inc., Holcim Philippines, Inc., Manila Water Company, Inc., Monde Nissin Corporation, PMFTC, Inc., Quezon Power (Philippines) Limited Company, and Toyota Motors Phils. Corp.
Special Recognition was given to taxpayers with income tax due of more than P100 million and with a recorded growth of more than 20% for 2013. A total of 17 Special Recognition Awards were given to, among others, Alaska Milk Corporation, BDO Unibank, Inc., IBM Philippines, Inc., Metrobank, Pepsi-Cola Products Philippines, Inc., and SM Land, Inc.
