BIR: Meralco, Smart top corporate taxpayers in 2014 - Manila Bulletin #JHedzWorlD

Manila Electric Co. (Meralco) is the country’s top non-individual taxpayer in 2014, displacing another Pangilinan-led Smart Communications Inc, the Bureau of Internal Revenue (BIR) said.

Based on the BIR data, Meralco climbed a notch to top list of 500 largest non-individual taxpayers with an income tax due of P9.68 billion in 2014, slightly lower from P9.69 billion in 2013.

Two-years ago, Meralco was also BIR’s largest non-individual taxpayer.

Slipping to second spot is telecom-firm Smart with a P9.45 billion in tax due, down compared with P10.89 billion in the previous year.

Nestle Philippines Inc. also jumped a notch last year to third spot with P5.34 billion, up from P4.81 billion in 2014.

At fourth spot is Shell Philippines Exploration, which jumped two notches with a P5.28 billion tax due, higher than last year’s P4.48 billion.

Another oil firm, Chevron Malampaya LLC maintained its fifth spot on the list with its income tax of P5.24 billion, up from P4.51 billion in the previous year.

The top five companies were followed by San Miguel Brewery, Globe Telecom and Unilever Philippines, which had P4.88 billion, P4.74 billion and P3.14 billion, respectively.

Sy-led companies SM Prime Holdings and BDO Unibank came in ninth and 10th spots with tax dues of P3.13 billion and P3.11 billion, respectively.

Trailed the 10 firms above are Toya Motor Philippines Corp. (P2.41 billion), casino-firm Bloomberry Resorts and Hotels Inc. (P2.36 billion), Metro Rail Transit Corp. (P2.13 billion), Holcim Philippines Inc. (P2.04 billion), and Universal Robina Corp. (P1.91 billion).

Likewise, Bank of the Philippine Islands (P1.88 billion), state-run Philippines Ports Authority (P1.84 billion), Emperor Distillers Inc. (P1.82 billion), Fort Bonifacio Development Corp. (P1.75 billion) and Manila Water Co. (P1.73 billion) made it to the list.

For 2016, the BIR is gearing up to collect a record P2.025 trillion, higher by 21 percent compared with P1.674 trillion last year.

Of the total collection goal, the agency aims to collect 61 percent or P1.23 trillion of it from large taxpayers, while the remaining P795 billion will be sourced from 19 revenue regions of the BIR.
Large taxpayers include companies listed in BIR’s top non-individual taxpayers.

By category, taxes on net income and profits (P1.192 trillion), value-added tax (P405.11 billion), excise taxes (P170.72 billion), percentage taxes (P82.896 billion) and other taxes (P118.86 billion).

Earlier, BIR Commissioner Kim S. Jacinto-Henares said the agency has a “very ambitious” revenue collection goal this year, adding achieving that goal may be unlikely given the current tax system.

However, Jancinto-Henares said the BIR would still work hard to raise the much-needed revenue for the government to support its programs and projects slated for 2016.

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