• BIR revenue target ‘unrealistic’ – Henares

    0

    The Bureau of Internal Revenue’s (BIR) P2.025-trillion collection goal for the year is “unrealistic,” BIR Commissioner Kim Henares said.

    The Development Budget Coordination Committee (DBCC) on Monday affirmed the Department of Finance-set target, which Henares told reporters on Wednesday represented a 40-percent increase from last year’s collections.

    “It’s unrealistic. It is so ridiculous that I don’t even have to explain to the DBCC why I can’t achieve the 40 percent,” Henares said.

    Based on preliminary data, the BIR likely collected P1.45 trillion last year. The final figure will be released with the issuance of the 2015 cash operations report. In the first 11 months of 2015, BIR collected P1.327 trillion.

    Henares, however, admitted that collections should always grow from the previous year.

    “We should also grow more than nominal GDP (gross domestic product) growth. We should not go lower but in fact, we should go higher,” she added.

    According to a previously-released Department of Finance order, the BIR is expected to account for 67 percent of the P3.002-trillion national budget for 2016.

    The bulk, or P1.969 trillion, will come from BIR operations or regular tax revenues, while the rest or P55 billion is expected to come from non-BIR operations or taxes imposed on government securities sold by the Bureau of Treasury.

    Broken down, collections under the large taxpayers service are targeted to hit P1.230 trillion, while revenues from regional offices were programmed at P739 billion.

    In terms of tax types, 61 percent or P1.243 trillion is expected to come from income taxes, while value-added taxes are expected to contribute P405 billion. Excise taxes, meanwhile, are targeted to account for P170 billion; percentage taxes, P82 billion; and other taxes, P123 billion.

    Share.
    loading...
    Loading...

    Please follow our commenting guidelines.

    Comments are closed.