BIR, BoC miss July collection targets

  • Page Views 1352
  • The tax and customs bureaus grew their collections in July but still fell short of targets, preliminary Finance department data showed.

    The Bureau of Internal Revenue (BIR) netted P134.18 billion, up 14 percent from a year earlier and short of the month’s P134.72-billion goal.

    Finance Assistant Secretary Mark Dennis Joven said July’s collections already included cigarette company Mighty Corp.’s P3.44-billion initial payment for its tax liabilities.

    Year to date collections rose to P987.79 billion, below the target of about P1.39 trillion.
    The BIR has been directed to collect a total of P1.82 trillion this year.

    The Bureau of Customs, meanwhile (BoC) collected P34.82 billion in duties and taxes in July. This was up 12.3 percent from a year ago but missed the July target of P39.18 billion.

    Year-to-date collections of P246.98 billion also fell short of the P257.14 billion target.

    For the full year, the BoC has been assigned a P468-billion revenue target.

    The Finance department’s Joven said the below-target were not a cause of concern.

    “Actually our target on an annual basis is around 14 to 15 percent growth rate. So as far as the month of July is concerned, BIR’s 14 percent is quite near and BoC’s 12.3 percent is not too far,” he told reporters.

    To improve collections, Joven said both agencies are trying to increase voluntary compliance, revenues from which comprise 97 to 98 percent of total collections.

    “By focusing more on voluntary compliance, the bottomline effect will be catered. How do you do that exactly? It’s a two-pronged approach,” he said.

    This involves going after “big fish” and making it easier for people to pay their taxes, Joven explained.
    (M.U. Caraballo, MT)

    Share

    New Posts Recently publish post More

    • 29 February 2024
      3 days ago No comment

      Minimum wage increases to $17.40 an hour on June 1 VICTORIA

      For Immediate Release Feb. 26, 2024 VICTORIA – B.C.’s lowest-paid workers will get a pay raise when the general minimum wage increases from $16.75 to $17.40 per hour on June 1, 2024. This represents a 3.9% increase, consistent with B.C.’s average rate of inflation in 2023. The alternate minimum ...

    • 29 February 2024
      3 days ago No comment

      BC Cabinet Minister Lana Popham declares Filipino Cultural Centre project a “Go!”

      February 21, 2024 Mabuhay House Society PRESS RELEASE For more information, please contact Sammie Jo Rumbaua at chair@mabuhayhouse.ca BC Cabinet Minister Lana Popham declares Filipino Cultural Centre project a “Go!” Vancouver – The Filipino-Canadian community’s decades-long journey for a provincial Filipino Cultural Centre took another historic step forward recently ...

    • 22 February 2024
      1 week ago No comment

      Canada to open Indo-Pacific Agriculture and Agri-Food Office in Manila

      Canada is opening its new Indo-Pacific Agriculture and Agri-Food Office (IPAAO) in the Philippines. The IPAAO is expected to be inaugurated in Manila in February 2024 in a development coinciding with this year’s celebration of the 75th anniversary of the establishment of diplomatic ties between the two countries. The ...

    • 15 February 2024
      2 weeks ago No comment

      Canada, Philippines ranked in global corruption index

      February 16, 2024 — Transparency International has released its latest Corruption Perception Index, which scores 180 countries and territories by their perceived levels of public-sector corruption. The Berlin-based anti-corruption group’s 2023 CPI scores 180 countries and territories, using a scale from 0 to 100, with 100 being very clean ...

    • 08 February 2024
      3 weeks ago No comment

      Marcos-Duterte alliance splinters

      The rift between Philippine President Ferdinand “Bongbong” Marcos Jr. and his predecessor, Rodrigo Duterte, has taken a turn for the worse. Philippine political analysts say in media reports that this may be end of the political alliance that swept Marcos Jr. to the presidency and Duterte’s daughter Sara as ...

    %d bloggers like this: