BIR: Statement of Loss deadline today

Business establishments and employees have only until today to file for their Statements of Loss relative to super typhoon “Yolanda,” according to the Bureau of Internal Revenue (BIR).

The Tax Code states that the Statement of Loss must be filed 45 days after the disaster struck.

Amounts stated in the Statement of Loss will be deducted from the establishments’ and workers’ income tax.

Prior to that, officials of the BIR will verify the statement.

In a statement, BIR Commissioner Kim Henares said businessmen should fulfill several requirements needed for their claims.

But losses with insurance are not considered tax-deductible.

For establishments that have been looted during the typhoon, their owners should provide a copy of the police blotter report about the incident to the BIR.