ACTING Finance Secretary Frankie Villanueva says refunds and rebates for corporate and individual returns will be issued before the deadline.
The government has until May 1 to distribute the refund checks for corporate filers, and up to June 1 for individual filers.
For rebates, the government has until Sept. 15 to distribute for corporate filers and Oct. 15 for individual filers.
“We will be issuing the rebates and refund eventually before the deadline,” Villanueva told Variety yesterday.
“The staff of the Division of Revenue and Taxation are currently entertaining clients. I think they are almost done with the W-2s, W-2Gs and 1099s forms,” Villanueva said.
The division is currently processing the annual corporate and individual returns for tax year 2001. The government has at least $4.5 million in the rebate trust fund account which is roughly 15 percent of the annual funds that will be distributed to corporate and individual taxpayers.
According to Gov. Juan N. Babauta, the processing of refunds and rebate checks will be done through the automated tax system in order to meet the deadline of the distribution this year.
Manual processing of refund and rebate checks had created problems in the past, particularly in accountability and delays in automated batch processing, he said.
