BURS reforms widen tax base five fold

In an interview with Businessweek, Commissioner General Ken Morris said following amendments to the Income Tax Act of 2011, taxpayer registration has risen from 50,000 to over 250,000, mostly individuals registering for the Tax Identification Number (TIN).

“We have seen a phenomenal increase in the taxpayer registry and we expect this to translate into higher revenue mostly from individual secondary income streams, such as rentals and other earnings and proceeds, which were previously not being declared,” he said Under the new regulation designed to enhance accountability for taxation by placing it at individual level, workers earning above P36, 000 per annum are required to register for TIN.