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The Bureau of International expects lower collection
from large taxpayers this year, according to data obtained from the
agency.
BIR, which accounts for about 70
percent of government revenues, is set to collect P402.568 billion
from large taxpayers this year, lower than the actual collection of
P429.855 billion last year. The collection covers income, excise,
value-added, and percentage taxes.
BIR has refined its tax
allocations to revenue regions, which include large taxpayers’
collection.
More than half of BIRs total
revenues set at P844.950 billion this year come from large
taxpayers’ collection. The bulk of the collection covers income
taxes, which the agency aims to amount to P196.418 billion this
year.
The BIR expects its revenue
regions to increase their tax collection to P407.737 billion this
year as some of the large taxpayers have been transferred to those
parts.
Last year, collection from
revenue regions stood at P249.177 billion.
BIR has projected it could raise
P204.879 billion from value-added tax (VAT) and P58.436 billion from
excise taxes of large taxpayers, and only P50.432 billion from
percentage taxes.
The BIR last year missed its
P765-billion collection target by 7 percent.
Despite its failure to hit its
tax revenue goal, the government still managed to end the year with
a decade-low budget deficit of P9.4 billion, due mainly to huge
proceeds from the sale of state assets, including the government’s
controlling stake in the country’s largest geothermal energy
producer, Philippine National Oil Co.-Energy Development Corp.
For this year, the BIR had given
notice that it might yet again miss its collection target, but the
Department of Finance has refused to cut the target collection it
has set for the bureau.
--Maricel E. Burgonio
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