BIR beats lowered collection target for 2020

The Bureau of Internal Revenue surpassed its watered down goal for 2020 in November, although collections remained significantly down from last year as health crisis disruptions cut tax receipts.

BIR raised 182.4 billion pesos in November, Commissioner Caesar Dulay said.

With the November haul however, BIR would have already collected 1.78 trillion pesos for the first 11 months, already surpassing its lowered 1.69-trillion-peso target for the year.

Final figures will be reported by the Bureau of the Treasury later this month.

Although a milestone, BIR’s performance was largely aided by decisions from economic managers to downscale targets three times this year in April, June and September, to reflect falling tax receipts because of tepid consumption and business operations.

The adjustments resulted in the BIR goal getting marked down a massive 34% from the original 2.6 trillion pesos.

For the entire 2019, the bureau collected 2.18 trillion pesos.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.