Gov’t sets preliminary tax collection goals until 2022

THE GOVERNMENT has set preliminary annual collection targets until 2022 for its two main revenue bureaus as it keeps its eye on an P8.44-trillion plan to build infrastructure until then.

The Bureau of Customs (BoC) has been entrusted with a P581.3billion collection program for this year, Department of Finance (DoF) documents show. The preliminary target is 26.48% more than the P459.6 billion set for 2017, as stated in the latest Budget of Expenditures and Sources of Financing.

For the Bureau of Internal Revenue (BIR), the government is looking at a P2.039-trillion target this year. BIR Commissioner Caesar R. Dulay has said that medium-term targets are still up for discussion with the economic managers of the Development Budget Coordination Committee.

For 2019, the government is looking at a P2.309-trillion target for the BIR, 13.24% more than this year, and P662.2 billion for the BoC, which is 13.19% higher than in 2018.

In 2020, the BIR is tasked to rake in 13.34% more at P2.617 trillion, while BoC has a 12.99% bigger target at P748.2 billion.

The BIR in 2021 is expected collect P2.942 trillion, 12.42% more than the preceding year, while the BoC should rake in P826.2 billion, up 10.43%.

At the end of the administration’s six-year term in 2022, BIR collections should reach P3.312

trillion, 12.58% more than in 2021, and the BoC take should hit P914.8 billion, or 10.72% more.

Latest available government data show that the BIR collected P1.621 trillion as of November last year, 12% more than the P1.45 trillion it got in 2016’s corresponding 11 months.

The same comparative 11 months saw the BoC collecting 14% more at P413.1 billion from P361.5 billion. —