BIR issues advisory on taxpayers' typhoon losses
ROXAS CITY – The Bureau of Internal Revenue (BIR) in Capiz has called on Capiceño taxpayers to declare damages wrought by typhoon "Frank" here.
BIR Capiz Information Officer Ma. Gracia Balgos said that with the damages due to the recent typhoon that hardly hit Capiz, taxpayers are advised to declare all losses or damages connected thereto.
Balgos explained that such declaration is being recognized and allowed by the BIR as extra-ordinary business deductions or losses.
She said that the devastation of typhoon Frank in the province is crucial as to the government's Revenue Tax Collection Target.
"We are anticipating an abrupt fall in revenue compliance and remittances because of said disaster here," Balgos said.
To claim such business losses, taxpayers advised to present the following documents, namely, letter duly addressed to the Commissioner of Internal Revenue: through the Revenue District Officer in Capiz, formally informing this office of the loss/damage; police report on the loss or damage and sworn statement or affidavit of such loss or damage.
Balgos said that they are also requiring an inventory or list of items and their corresponding costs and quantities which will be subjected to inspection/ verification by said office here before approval of such loss.
Such other relevant documents may also be required by BIR here to prove the circumstances of each loss/ damage, she said.
Taxpayers declaring business damage or loss are further advised by BIR not to dispose damaged documents such as books, receipts and the like prior to the conduct of inspection or verification, Balgos pointed out.(PIA/Jemin B. Guillermo)