DOF appeals for taxpayers to pay early to boost funding for COVID-19 efforts

Despite the month-long extension on the filing of taxes, the Department of Finance (DOF) on Tuesday appealed to the public to pay early to support the fight against the coronavirus disease 2019 (COVID-19) and limit government borrowing.

The DOF made the appeal in a statement released Tuesday, as it said the government will have to spend above the earlier estimated 3.6% deficit threshold.

"We will do what is necessary for the government to spearhead national efforts to overcome this crisis, which means we need to spend at levels that will definitely make us exceed our previously estimated 3.6% deficit threshold," said Finance Secretary Carlos Dominguez III.

"Thus, we appeal to taxpayers who are able to file and pay their taxes early to do so, despite the one-month extension, so that we can fund these programs with the least amount of borrowing," he elaborated.

Earlier this month, the Bureau of Internal Revenue (BIR) announced a one-month extension on the deadline for the filing of Income Tax Returns (ITR) until May 15, 2020, heeding requests to delay the collection given the enhanced community quarantine (ECQ) placed over Luzon.

From March 17 til April 13, the entire Luzon is under enhanced community quarantine, where travel is restricted within the region in efforts to contain the spread of COVID-19. — RSJ, GMA News