The Deadline For Filing Income Tax Return For The Taxable Year 2018 Is On April 16.
Authorized agent banks are required to open bank operation two Saturdays immediately prior to April 15 of every year for acceptance of tax returns/payments.
It is important for us Filipinos to pay our income tax so that we can contribute to the budget of the Philippine government.
It is the policy of the government to allocate 70 percent of all incremental
revenues from the recently passed tax reform law to fund its infrastructure program while the 30 percent will be used for social services.
Imagine if all Filipinos will pay their income tax.
The government will be able to finance all its infrastructure projects.
The present administration has 3 flagship infrastructure projects. It’s a huge
project. With your taxes, you will help the government build the following projects:
- The 4.37 billion peso Chico River Pump Irrigation Project under which 8,700 hectares of agricultural land will be irrigated benefiting 4,350 farmers and serving 21 barangays in Cagayan and Kalinga.
- The 211.43 billion peso PNR North 2 project, a big-ticket railway project that will connect Malolos in Bulacan, Clark Airport, and Clark Green City.
- The 12.55 billion peso Clark International Airport New Terminal Building Project.
These projects will increase the airport’s capacity by 8 million per year and will help pave the way for accelerated growth in Central Luzon and nearby areas.
How can we contribute to the Philippine government’s effort to liberate us Filipinos from poverty if we do not pay our income tax right?
April 16 is the deadline for filing income tax return for the taxable year 2018.
I quickly read the new tax law, popularly called TRAIN law or Tax Reform Acceleration and Inclusion law of 2018 and quickly read the tax rate for income tax.
It says if my yearly income is less than 250,000 pesos, I have to pay 0% (zero)
percent income tax.
Isn’t that good. I am exempted from paying personal income tax.
The richer you are, the higher income tax you pay. The poorer you are, the more exempted you are from paying personal income tax.