BIR expects savings of P230M from PESONet tax payments
by Allan Yves Briones
The nation’s largest tax collection agency, the Bureau of Internal Revenue (BIR), could look forward to savings of P230 million per year through the Filipino taxpayer’s utilization of PESONet.
This, according to Department of Finance (DOF) Secretary Carlos Dominguez III.
Last August 15, PESONet was launched under the Bangko Sentral ng Pilipinas’ National Retail Payment System which provided a platform for Filipino taxpayers to file their returns digitally through the first set of participating banks: Land Bank of the Philippines and the Rizal Commercial Banking Corporation.
According to DOF Undersecretary Antonette Tionko, the 80 percent shift from over-the-counter tax payments to online filing will result in increased BIR savings, propelled by greatly reduced transaction costs – from the standard bank rate of P40 to P25.
“This represents more than 80 percent of the total number of tax payment transactions processed by the BIR each year,” the Finance undersecretary said, expecting that over 15 million transactions will eventually be through PESONet.
The Finance chief reiterated that PESONet is one of the ways to promote ease of doing business with regards to paying taxes.
“The BIR has launched a digital tax payments system allowing Filipinos to conveniently pay their taxes online using the electronic funds transfer service PESONet, in line with the Duterte administration’s goal to cut red tape and improve the ease of doing business to better serve the public and attract more investors,” Dominguez said in a statement.
The DOF also expects the expansion of the digital payment platform to soon include bills and other utilities.