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Finance Secretary Ralph Recto has indicated that current revenue collection is "on target," suggesting that there's no immediate need for revisions.
Recto has expressed confidence in sustaining the double-digit growth achieved in BIR collections until the end of the year. I Photo: Department of Finance Facebook
The government plans to stick to its collection goals for the time being. Recto stated, "No need to revise it yet. So far, we're on target."
According to the Development Budget Coordination Committee Medium-Term Fiscal Program, the total revenue collection target for the year is set at PHP4.3 trillion.
The bulk of this, around PHP3.05 trillion, is expected to come from tax revenues generated by the Bureau of Internal Revenue (BIR), with close to PHP1 trillion from the Bureau of Customs (BOC).
Recto expressed confidence in sustaining the double-digit growth achieved in BIR collections until the end of the year. In the first quarter of 2024, the BIR collected PHP591.8 billion, marking a 17.15 percent increase from the same period in 2023.
Meanwhile, the BOC raised PHP218.9 billion during the same period, a 2.35 percent surge from last year.
The finance chief announced plans to meet with BIR and BOC officials soon to discuss revenue targets for this year and beyond, focusing primarily on funding the budget for the current year.
He emphasized that if the growth rate continues as expected, there would be no need for additional borrowing.
Recto also highlighted the importance of addressing taxation in the e-commerce sector, noting that approximately one-fourth of all purchases are now made through e-commerce platforms.
He emphasized the need to develop strategies for collecting taxes from e-commerce transactions, acknowledging the challenges in doing so compared to traditional methods.
In conclusion, Recto stressed the significance of the government keeping pace with consumer behavior in the digital age and ensuring effective tax collection from digital platforms.
