^

Business

BIR exceeds October revenue goals

Louise Maureen Simeon - The Philippine Star
BIR exceeds October revenue goals
Data showed that BIR collections reached P274.429 billion in October, up by 47 percent from last year’s P186.759 billion.
Philstar.com / Anjilica Anda

MANILA, Philippines — The Bureau of Internal Revenue (BIR) increased its tax collections by almost 50 percent to P274 billion in October as the agency ramps up enforcement activities to ensure that the full year goal will be met.

Data showed that BIR collections reached P274.429 billion in October, up by 47 percent from last year’s P186.759 billion.

The latest figure also exceeded by nine percent the agency’s revenue goal of P252.775 billion for October.

For the 10-month period, total collections improved by 11 percent to P2.132 trillion from P1.92 trillion in the same period last year.

The 10-month tally is already more than 80 percent of the 2023 collection target of P2.639 trillion.

BIR commissioner Romeo Lumagui said the agency was confident it can attain, if not surpass, its annual tax target.

“This is with the intensification of BIR’s tax enforcement activities, specifically on the campaign against sellers and buyers of fake receipts, and with the continuous streamlining and digitization of the BIR’s core services,” Lumagui said.

“We hope to encourage all non-compliant taxpayers to comply fully with the provisions and requirements of the tax laws,” he said.

BIR’s Run After Fake Transactions program aims to investigate and prosecute buyers, sellers, and certified public accountants that are involved in the use of fake receipts.

Since the start of the year, the BIR has filed cases against four ghost corporations with estimated tax liabilities of P25.5 billion and three corporate buyers with P17.9 billion.

It is estimated that the government is losing at least P370 billion in revenues from the proliferation of fake transactions through the use of ghost receipts by various business activities in the country.

Some P1.3 trillion in ghost receipts were issued by both small and large businesses. Based on the income tax rate of 25 percent and value added tax of 12 percent, at least P370 billion is the forgone revenues from such transactions.

Further, the BIR is implementing strict nationwide enforcement operations on the illicit trade of cigarettes, vape, and other excisable articles.

To effectively combat tax evasion, the BIR’s Run After Tax Evaders (RATE) program acts as a deterrent by penalizing tax evaders and generating public awareness in the filing of criminal tax cases.

A total of 246 RATE cases were filed by the BIR with the Department of Justice with estimated tax liabilities of P14.73 billion.

Meanwhile, Oplan Kandado strengthens the BIR’s imposition of prescribed administrative sanctions through enforcement of at least one closure order issued or one taxpayer’s compliance and payment for every semester.

vuukle comment

BUREAU OF INTERNAL REVENUE

Philstar
x
  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with