Oct 302016
The new leadership of the Bureau of Internal Revenue (BIR) continues to firm up its tax collection strategies in order to help the bureau achieve its collection target for 2016 of P1.6 trillion (reduced from P2 trillion), with less than three months before the year closes.
The BIR recently announced that attaining its collection targets will be one of its priorities and value-added tax (VAT) is clearly at the top of its agenda, given that this has been seen as a big source of tax leakage. Very recently, the BIR released Revenue Memorandum Order (RMO) No. 59-2016 dated Sept. 19 mandating an issue-based audit under the Value-Added Tax Audit Program (VAP).