BIR Cuts Collection Goal For Large Taxpayers

The Bureau of Internal Revenue's (BIR) Large Taxpayers Service (LTS) has revised its target for 2023 to P1.599 trillion, a slight decrease of 0.12 % from the original goal of P1.601 trillion.

Photo Insert: Although the overall goal for the LTS has been reduced, the new revenue program, if achieved, would represent an 18.5 percent rise compared to the actual collection of P1.349 trillion last year.

Although the overall goal for the LTS has been reduced, the new revenue program, if achieved, would represent an 18.5 percent rise compared to the actual collection of P1.349 trillion last year.

The BIR document, which amends RMO No. 15-2023, showed that the adjustment is primarily attributed to lower revenues from excisable goods, mainly "sin" products.

Initially projected to generate P351.6 billion in excise taxes this year, the LTS unit of the BIR has reduced the estimate by 4.7% to P335.04 billion.

In contrast, the LTS expects improved collection performance for net special taxes, causing it to raise the target by 1.3 percent to P1.265 trillion from the previous goal of P1.248 trillion.

The LTS serves as a specialized service center of the BIR catering to the tax-related needs of the country's largest corporations, primarily multinationals and publicly-listed companies.

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