MikeLigalig.com

By the Bohol Chronicle

April 15 is the Last Day for the filing of Income Tax Returns (ITR) for the taxable Year 2007: BIR Form 1700 for Employees with tax dues after withholding taxes, BIR Form 1701 for taxpayers engaged in business, self-employed/professionals, partnerships and corporations whose fiscal year ends Dec. 31, 2007.

BIR-Bohol chief of office Atty. Rogelio T. Balaga strongly enjoins all Boholano taxfilers to file on time to avoid the additional burden of penalties which has to be imposed on late returns. Penalties include: 20% interest computed per annum, 25% surcharge for late filing, 25% surcharge for late payment plus a compromise penalty which ranges from P200 up depending upon the amount to be paid. All these will aggravate the burden of the basic tax.

However, filing the Income Tax Return (ITR) on time will also mean a prompt uploading of the means of the government to meet its budgetary expense and less wastage of manhours towards the deadline. Extraload for the day due to deadline filers will need extra expenses to meet the demands of the hour. Early filing will mean a smooth and hassle free filing deadline as it is not usually characterized.