BIR expands coverage of its electronic filing and payment system (eFPS)

April 10, 2009 by Roy
Filed under: Announcement, Business news, finance, Government, Legal, Money, Taxes 

The Bureau of Internal Revenue (BIR) issued a new taxpayer rule that aims to expand the coverage of its electronic filing and payment system or eFPS.

eFPS, which was launched by BIR in 2001 to simplify filing and payment of taxes as well as improve taxpayers’ compliance, used to require only large taxpayers to use the system, or those with net worths of at least P300 million, insurance companies, and banks.

Under Revenue Regulations (RR) 3-2009 which the agency released last March 31 and took effect this month, aside from large taxpayers, direct non-large taxpayers which belong to top 20,000 private firms to use the eFPS facility in filing their returns and paying taxes.

Non-large taxpayers belonging to the top 20,000 corporations is defined in RR 14-2008, released by BIR last November 26 as follows:

  • those duly notified by the BIR Commissioner;
  • those with net value-added tax paid or payable for the preceding year of at least P100,000;
  • taxpayers with annual income tax paid or payable for the preceding year of at least P200,000;
  • any taxpayer with percentage taxes for the preceding year of at least P100,000;
  • those with whole gross sales for the preceding year of more than P10 million; and
  • taxpayers with gross purchases for the preceding year of more than P5 million.

With the expanded coverage, BIR Deputy Commissioner Nelson M. Aspe believes that it will make collection of taxes more convenient and more efficient, aside from allowing taxpayers to file their returns in the comfort of their own homes.

Aside from the benefits of fast processing, the electronic filing will also allow the agency to build and expand its database of taxpayers which will help them in monitoring payments.

“If the filings are done manually, there are chances that the data may be lost. Now that the filings are computerized, we can easily access the needed information,” Mr. Aspe said.

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Comments

2 Comments on BIR expands coverage of its electronic filing and payment system (eFPS)

  1. Rose on Wed, 8th Jul 2009 11:06 pm

    2. Hi.. I’ve been a follower of your “Letters to Mama” Blog and from entrep I found this blog. I just want to ask your opinion about enrolling at eFPS, ok lang ba na mag-enroll ako dun kahit na small business lang ako?

    Nga pala great job on your blogs!! ang dami pala heheh, as in

    [Reply]

  2. Roy on Thu, 9th Jul 2009 6:44 am

    3. Hi Rose!

    Thanks for your support!

    I am not sure if small businesses are required or allowed, but if they are, it would do well to enroll in such because it will definitely make filing easier for you.

    Thanks again!

    [Reply]

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