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Filipinos can now pay tax digitally via PESOnet

The Bureau of Internal Revenue (BIR) has launched a digital tax payments system allowing Filipinos to conveniently pay their taxes online through the use of PESOnet, an electronic funds transfer service.

According to a recent press release, the recent launch of the PESOnet-enabled tax payments service marks the start of the use of interoperable digital bills payment for taxes and other utilities in the country.

About the initiative

Department of Finance (DOF) Undersecretary Antonette Tionko explained that the BIR is the first government biller institution to pilot and adopt the interoperable digital bills payment service for tax collection.

The DOF is providing the necessary support to the BIR and the Bureau of Customs (BOC) as they improve the ease of doing business through digitalisation.

The push for online tax payments is in line with the government’s goal of improving the lives of all Filipinos by making it easier for them to accomplish official transactions.

Moreover, this will enhance the ease of doing business, which will in turn, attract more investments and create more jobs.

Benefits of the system

The goal of the PESOnet-enabled project is to set up an interoperable digital bills payment service that is safe, reliable, efficient, and will benefit a greater number of Filipinos.

PESOnet will improve the efficiency of the collection of tax and non-tax revenues for the government.

Additionally, it will also facilitate sales for businesses because the service is more convenient for the public. People now have the option to pay their bills when they want to at lower transaction cost.

The Land Bank of the Philippines (LandBank) and the Rizal Commercial Banking Corporation (RCBC) are the pilot participating banks that will process the electronic collections of the taxes.

The DOF is working with the BIR in order to increase the number of participating banks that will process tax payments via PESOnet.

The pilot’s success will allow the Bangko Sentral ng Pilipinas (BSP) to confidently approve the expansion of this service to all interested financial and commercial institutions.

What is PESOnet?

PESOnet is under the National Retail Payment System (NRPS) framework instituted by the BSP.

It is an electronic funds transfer service that enables customers of participating banks, e-money issuers or mobile money operators to transfer funds in Philippine Peso currency to another customer of other participating banks, e-money issuers or mobile money operators in the Philippines.

The BIR’s digital tax payments service is a part of the E-PESO project of the BSP, which is in collaboration with other financial institutions and implemented with assistance from the United States Agency for International Development (USAID).

Through the E-PESO project, the USAID is able to assist government institutions adopt digital payments for revenue collection and disbursement.

The BIR Commissioner has high hopes that the launch of the PESOnet-enabled service will boost the economy’s credit rating.

Now at BBB+, the Philippines is aiming to become an ‘A’-graded economy, which is accorded to the world’s most stable economies.

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