BIR, BoC collection goals attainable – DoF

THE Finance department is confident that the government’s main revenue-collecting agencies will hit collection targets for 2018 given strong showings last year.

“The collection agencies are doing well. They achieved their highest percentage of target in a long time so we are confident these guys are doing okay,” Finance Secretary Carlos Dominguez 3rd told reporters.

Finance department estimates show that government revenues would hit P2.806 trillion this year, taking into account the just- implemented Tax Reform for Acceleration and Inclusion ( Train) Act.

The bulk, or P2.039 trillion, is expected to come from the Bureau of Internal Revenue ( BIR while the Bureau of Customs ( BoC) is expected to collect P581.3 billion this year.

“[ The targets] are achievable,” Dominguez said, noting that these were in line with this year’s 7.0- 8.0 percent growth target.

The bulk of the BIR’s expected revenues, or P1.05 trillion, will come from taxes on net income and profits.

Excise taxes on alcohol products, tobacco products, fuels and oils, mining, automobiles, miscellaneous items, sugarsweetened beverages and cosmetic procedures are expected to add another P300.2 billion to the bureau’s tally.

A total of P535 billion, meanwhile, will come from sales taxes, valueadded taxes and licenses from banks/ financial institutions, insurance premiums, amusement, franchise, other percentage taxes, and the stock transaction tax.

Lastly, P137.952 billion will come from other domestic and miscellaneous taxes.

Preliminary figures show that the BIR collected P1.76 trillion in 2017, up 12.5 percent from the previous year’s P1.56 trillion. The agency, however, missed its P1.78trillion collection goal.

The BoC for its part collected P463.8 billion, up 17 percent from 2016’s P396.4 billion but also short of the P468- billion target.