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Wednesday, October 27, 2021

BIR ups tax collection target to P20.4B

THE Bureau of Internal Revenue (BIR) Davao Region has increased their tax collection target this year by about 13 percent to P20.4 billion from only P18.1-billion target in 2017.

BIR Davao Regional director Nuzar Balatero said in 2017 they have exceeded their tax collection target of P18.1 billion and has actually collected a total of P18.2 billion for the entire Davao Region. Last year, there was a tax collection excess of about P96 million.

As for this year, with the total tax collection of the entire country amounting to P2 trillion, P20.350 billion will be from Davao Region.

Balatero said the target amount already includes the additional revenues from the Tax Reform for Acceleration and Inclusion (TRAIN) law nationwide implementation. "We'll try to implement the law as it is provided in the regulations," he said.

In a previously published report, BIR's nationwide tax collection performance had improved by 11.26 percent in 2017 after averaging between 10.5 percent and 10.9 percent in the last five years.

Commissioner Caesar Dulay said BIR has a very good tax ratio and growth rate for 2017 with a total of collection of P1.779 trillion from its P1.829 collection target. There was a growth of 12.92 percent in the revenue in 2016 which was at P1.576 trillion.
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