THE government expects to generate more money through the recently signed Ease of Paying Taxes (EOPT) as it will boost compliance, a senior finance department official said on Monday.'With this new law, we would be able to simplify tax compliance and generate additional revenues for the government ... improve tax compliance and therefore increase the tax collections,' Finance Undersecretary Charlito Martin Mendoza told reporters during an EOPT roadshow.President Ferdinand Marcos Jr. signed the EOPT Act last January 5 in a bid to modernize the country's tax administration and strengthen taxpayer rights.The government aims to collect P4.3 trillion in revenues this year, with the Bureau of Internal Revenue tasked to collect P3.05 trillion and the Bureau of Customs around P1 trillion.'This EOPT law is very significant because it's a step forward in creating an environment that is conducive to entrepreneurship, investment and innovation,' Mendoza said.'So hopefully by simplifying tax compliance procedures, reducing red tape, and harnessing technology, we would be able to encourage an atmosphere of trust and confidence between the government and the taxpayers so that they will voluntarily comply with their tax obligations and therefore avoid tax avoidance or tax evasion,' he added.BIR Commissioner Romeo Lumagui Jr. said the bureau would be holding more roadshows around the country to educate taxpayers.'Everyone needs to be educated with our system of taxation ... the BIR aims to create an inclusive environment with taxpayers,' he said.
