Last thursday, January 26, 2012, the BIR commisioner Kim Henares pointed out that NOT all incomes or earnings for the year are NOT shown in the annual Income Tax Return.
Click on PCIJ: Not all earnings reflected in ITR-Henares
The following may not be reflected in the annual ITR:
1. Capital gains tax from the sale of real properties;
2. Final tax such as interest earned from bank deposits;
3. stock transaction taxes.
4. interests in bank deposits are documented by the bank itself,
We therefore propose that Congress will require that all individuals or corporations earning income for the year must divulge all sources in the ITR.
This Blogger will appreciate any reader bringing attention to any grammatical errors.