Finance Secretary Carlos Dominguez III on Monday recognized the country’s top 500 taxpayers as of May 19 for heeding the government’s call to file their income tax returns ahead of the deferred payment deadlines amid the extended lockdown.
The top 10 corporate taxpayers are BDO Unibank Inc., Robinsons Land Corp., Manila Electric Co., Bank of the Philippine Islands, Unilab Inc., Mercury Drug Corp., Maynilad Water Services Inc., Metrobank Card Corp., Globe Telecom Inc. and Innove Communications Inc.
Next on the list are Philippine Ports Authority, Manila International Airport Authority, Citra Metro Manila Tollways Corp., Taganito Mining Corp., Security Bank Corp., Monde Nissin Corp., Eagle Cement Corp., Huawei Technologies Phil. Inc., Phil Gold Processing & Refining Corp. and First Gas Power Corp.
Dominguez said the “bayanihan” spirit shown by the corporate taxpayers—in keeping with the Bayanihan to Heal As One Act—deserved recognition as their early ITR payments provided the government the much-needed additional funds to sustain the government’s social amelioration programs, emergency health measures and the economic stimulus packages amid the global health crisis.
“We hope that the commendable act of these taxpayers would inspire other taxpayers to do the same and contribute to our nation-building as we work together to get the economy back on its feet in the face of the COVID-19 pandemic,” Dominguez said.
Taxpayers who have filed their ITRs within the original deadline or prior to the extended deadlines can amend their tax returns at any time on or before the final extended due dates set by the Bureau of Internal Revenue.
The Finance Department said that in case the taxpayers need to pay additional taxes, they can do so without having to pay penalties, provided such payments are made not later than the final extended deadlines fixed by the BIR. If the amended returns will result in overpayment of taxes paid, the taxpayers can opt to carry over the overpaid taxes as credit against their taxes due for the same tax type in the succeeding periods or file claims for a refund.
The BIR extended the tax payment deadlines thrice in April and May during the community quarantine period in Metro Manila and the rest of Luzon.