RDO Balangatan informs Nueva Vizcaya about the new taxation status
In December 19, 2017, President Duterte signed into the law the Tax Reform for Acceleration and Inclusion (TRAIN) bill, the first tax reform package, for a fairer and simpler tax system for the Filipinos, allowing it to take effect on January 1, 2018.
And for the year 2018, out of the total goal given to the whole Bureau of Internal Revenue (BIR) amounting to 2.039 Trillion Pesos, BIR Nueva Vizcaya headed by Revenue District Officer Cesar R. Balangatan is given a goal of 1.294 Billion Pesos way above the previous year goal amounting to 1.054 Billion Pesos. And with that, the whole BIR which is under the Department of Finance plays the very big role in the production of the revenues to satisfy the entire Philippine government budget for this year.
Balangatan reported that for the year 2017, they exceeded their actual collection for the year 2016. They were able to collect 1.098 Billion Pesos way above their 2016 actual collection which leads them to generate a growth rate of 21.54% and made the province of Nueva Vizcaya as one of the biggest contributor in tax collection.
He also explained some of the amendments in the present tax systems from previous RA8424 and the new RA10963 especially on Individual Income Tax and Excise Tax.
“In Individual Income Tax, napaboran yung maliliit na tax payers, empleyado man o nagnenegosyo. Kapag yung mga individual tax payers eh merong kita (net) na hindi lalampas sa 250K Pesos ay hindi na sila magbabayad ng income tax sa BIR. Kami nman sa BIR ay medyo nalulungkot because we will be losing tax collection in the process of exempting those individual tax payers earning not more than 250K pesos. Pero kung iisipin natin at titingnan yung bagong batas eh yung individual tax payers na malaki-laki ang kita eh sila pala yung magbabayad ng malaki-laking buwis kasi yung maximum income tax rate natin under the new law is increase from 32%-35%. So the indidual tax payers na malaki-laki ang kita ay magbabayad ng 35% whereas under the old law 32% lang so may increase na 3% kaya pala ang punto ng ating new law that supposed tax dew of those minimum income earner not more than 250K shall be absorb by the individual tax payers earning the income that has higher than 250K. Ito ang dahilan kaya naging fair sa maliliit na income earner,” explained Balangatan.
“While the new rate in excise tax wherein the excise tax on mineral products is common in the province. The BIR will now collect 4% from the extraction of sand and gravel from quarry which is 2% higher from the past rate,” He added.
Balangatan also asked for the support of the provincial officials which Governor Carlos M. Padilla guaranteed. #mccd