The BIR was eyeing to increase digital payments by 50% in 2022.
BIR — The Bureau of Internal Revenue was aiming to increase digital payment transactions to 50% in 2022 by accelerating modernization efforts.
In a statement, the BIR said that it targeted to increase digital payment (ePayment) transactions by 50% in 2022 as modernization efforts aimed to improve voluntary compliance.
Also, the tax bureau said that expanding digital payment channels will allow the agency to save PHP 150 million to about PHP 200 million in transaction fees.
The tax bureau has launched digital payment channels since 2015 — including DBP Paytax Online, LandBank’s Link.Biz.Portal, as well as PayMaya and GCash.
During the official launching event, BIR Commissioner Caesar Dulay said that more digital payment channels will be accessible to taxpayers 24/7 during the Phase 1 implementation of the program.
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Finance Secretary Carlos Dominguez highlighted in his keynote speech how the country’s digitalization helped the Philippines respond faster to the pandemic.
“Through the difficult months, our two main revenue agencies continued to function effectively, bringing the revenue flows to our government direly needed,” Dominguez said, citing the Bureau of Customs and BIR.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said that the central bank’s own digital transformation roadmap supported the tax bureau’s digital program.
The central bank aimed to digitalize at least 50% of retail payments and to encourage 70 percent of Filipino adults to open bank accounts by 2023.
“As more Filipinos embrace the convenience of digital payments, we expect the phenomenal growth in digital financial transactions to continue in the years ahead,” Diokno said.
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