The Bureau of Internal Revenue is extending the deadline for the filing of income tax returns to May 15 as the nation grapples with the coronavirus disease 2019 crisis.
The development was announced by Senator Christopher “Bong” Go on Thursday. He said, after he discussed the issue with the President and Finance Secretary Carlos Dominguez III, the Department of Finance and BIR “have agreed in principle…to extend by one month the said deadline to May 15.”
Guidelines on this extension shall be released soon by the concerned agency, he added.
By extending the tax-payment deadline mandated under the Tax Code, collections of about 145 billion pesos in taxes will be delayed, the DOF said in a statement Thursday.
It warned that “these tax payments are crucial for the government to fund extremely urgent social protection and emergency health measures meant to effectively combat COVID-19 as well as to sustain state investments needed to help Filipino families regain stable and reliable sources of income at the soonest possible time.”