Tax Filing Moved to May, Banks Defer Loan Interest

Tax Filing

The Bureau of Internal Revenue (BIR) granted 30-day extension for the submitting and price of the 2019 Annual Income Tax Return (ITR) with out consequences with the intention to accommodate taxpayers going through difficulties because of the 2019 Coronavirus Disease (COVID-19) crisis.

BIR Revenue Memorandum Circular (RMC) 28-2020 amended RMC 25-2020 shifting the cut-off date from April 15, 2020 to May 15, 2020.

Tax Filing

Atty. Isaac Darcera III, assistant chief of BIR Revenue Region 13-Cebu City Legal Division, stated that this is a patriotic pass of the bureau which expects taxpayers to diligently fulfill their duties to the country as nicely.

“Dili na lang sad unta sila maghuwat og May kon pwede ra sila mo-record and pay with the aid of April through on-line filing and payment systems,” he added.

BIR emphasized the need to still accumulate finances to be utilized by the government’s social protection and emergency health measures to be implemented consistent with the COVID-19 pandemic.

“Even even though lisud karon ang atong sitwasyon, we should acquire due to the fact the government desires money most specially with the fight as opposed to Covid-19,” Darcera stated.

Meanwhile, Cebu Bankers Association President Niel Yu stated that he understands the point of Governor Gwendolyn Garcia to have the hobby on primary loans waived, no longer deferred.

“We can guarantee a most of two-month deferment upon products such as credit cards and car loans, however we will handiest suggest waiving the interest fees to member-banks,” he stated.

“We have already carried out sure adjustments inside the occasion of calamities like in the course of the Yolanda supertyphoon and the Bohol earthquake, so this can again be carried out now that we are in a difficult health-related scenario,” Yu added.

However, the governor mentioned that the predicament impacts consumers extra than establishments.

“This is all approximately the consumers. Think of the human beings, not the institutions,” Garcia advised Yu and the rest of the participants of the affiliation.

The governor also called on the Bangko Sentral ng Pilipinas to workout moral persuasion.

“The motive is not approximately deferment however on waiving the interest now that the national authorities has already declared a nation of calamity inside the subsequent six months,” Garcia said.

“Maluoy tawon mo. Maayo na’ng ma-waive kay makasiguro mo nga once maka-recover na ta, makabayad dayon sa predominant (amount),” she delivered.

“Kana guy gu’ng deferment, inyo ra man nang gi-expand. Matigdu ra gihapon na nga amount,” she pointed out.

Roble Shipping Lines Chief Executive Officer Joy Roble expressed that what fuels them to retain running is “love of country.”

“If cargo ra, dugay mi kabawi ana. Naa man gyud ang amongst cash sa mga pasahero. But now due to strict border controls dili mi kapamasahero. Pero di sad mi mahimong mo-forestall kay the products need to maintain coming in to save you anxiety among consumers that can inn to panic buying,” Roble said.

He dedicated to cooperate with the authorities to “prevent monetary collapse.”

“The turnaround of cargoes may be very challenging, so mohangyo mi sa banks for attention,” he in addition stated.

Cebu’s principal banks and the BIR at the side of transport businesses, different authorities groups, and the Chambers of Commerce of Cebu, Mandaue, and Filipino-Chinese met in a multi-sectoral meeting on Thursday, March 19 to remedy issues on bank loans and tax submitting of businessmen who’re already incurring heavy losses with the kingdom underneath a state of calamity.