EXCISE taxes paid by large taxpayers for the first half of 2020 have reached P128.59 billion, exceeding the Bureau of Internal Revenue’s (BIR) adjusted target of P113.64 billion for this period by P14.95 billion or 13.15 percent amid the severe economic downturn triggered by the coronavirus pandemic.
Revenue collection targets for 2020 were adjusted to take into account the impact of the Covid-19 outbreak on economic activity.
While the BIR surpassed its first semester target for excise tax collections this year, the amount it collected based on preliminary data is P41.13 billion or 24.23 percent short of the P169.718 billion it collected during the same period last year.
Preliminary data submitted to the Department of Finance showed that tobacco products led the gainers in terms of excise tax collections from large taxpayers, with P61.47 billion collected over the period from Jan. 1 to June 30, surpassing the BIR’s target of P43.6 billion for this period by P17.87 billion or P41 percent.
Excise tax collections for alcohol products from large taxpayers amounted to P27.46 billion, which is P6.51 billion or 31.07 percent over the target of P20.95 billion for the January to June period.
Large taxpayers paid a total of P16.41 billion in excise taxes on sweetened beverages, which is just 2.46 percent shy of the P16.83 billion target of the BIR for the first half of 2020.
Other products
For other products, excise tax collections from large taxpayers from January to June period amounted to P2.12 billion for minerals, which is P161 million or 8.2 percent more than last year’s P1.96 billion; P985 million for automobiles; P129 million for non-essentials; and P1 million for cosmetic procedures.
Excise tax collection from large taxpayers on petroleum products amounted to P19.99 billion from January to June.
With restrictions on movement strictly imposed starting March, demand for oil products declined, which is why the excise taxes collected stood at P8.59 billion or 30 percent below the target of P28.59 billion for this period.
June collection
For the month of June, excise tax payments of large taxpayers on tobacco products amounted to P18.1 billion, alcohol at P7.35 billion, sweetened beverages at P3.02 billion, and petroleum at P2.1 billion. (PR)