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By Chino S. Leyco, Reporter
Government exceeded its collection target for
the expanded value- added tax (VAT) in the first nine months of last
year, Department of Finance data showed.
At end-September, incremental revenues from the
VAT were P1.4 billion above the P64.87-billion goal at P69.47
billion. The tax take significantly increased from P52.74 billion in
the same period in 2006.
The Bureau of Internal Revenue (BIR) collected
P29.12 billion, while the Bureau of Customs contributed about P40.34
billion.
Among the two revenue generating agencies,
Customs fell short of target by P3.3 billion while the BIR enjoyed
an P8-billion surplus.
In 2006, the government exceeded its expanded
VAT collection goal of P75.8 billion by P1.1 billion. The BIR raised
P21.6 billion exceeding its P20.4-billion target by P1.2 billion
while Customs delivered P55.2 billion, or P200 million short of the
P55.4-billion goal.
The expanded VAT goal for last year has been
raised by 19.23 percent to P89.42 billion from the 2006 target of
P75 billion. Excluding VAT reforms, the government is tasked to
raise P68.14 billion.
As mandated by law, about 30 percent of the
incremental VAT collection went to social services, such as
education and health, and infrastructure, such as farm-to-market
roads, in 2006. The share of social services and infrastructure in
the VAT collection will be increased to 35 percent in 2007, 40
percent in 2008, 45 percent in 2009 and 50 percent in 2010.
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