The Bureau of Internal Revenue (BIR) is reminding all taxpayers who elected to pay their income taxes for 2012 in two (2) equal installments that the deadline for the payment of the second and last installment is on July 15, 2013 (Monday).

Under the National Internal Revenue Code of 1997, as amended (Tax Code), “when the tax due exceeds Two Thousand Pesos (P2,000.00), the taxpayer may elect to pay in two equal installments, the first installment to be paid at the time the return is filed (on or before April 15) and the second, on or before July 15 of the same year.”

The BIR said there will be no extension of the said deadline just like what was strictly enforced during the income tax filing/payment deadline last April 15 this year. The corresponding penalties as provided for in the Tax Code will be imposed on payments of the tax still due made beyond5:00 P.M. of the July 15 deadline.

The tax agency is hoping to raise more revenues this July with the second installment payments of taxpayers to meet its collection goal this month of P97.597 billion and finish the month on a high note prior to its celebration of its 109th founding anniversary on August 1, 2013.