BIR, BOC surpass 2020 collection targets

The country’s two largest revenue-generating agencies, the Bureau of Internal Revenue and the Bureau of Customs were able to surpass their downscaled full-year collection goals in 2020, according to preliminary government data.

Internal Revenue Commissioner Caesar Dulay said the BIR’s 2020 preliminary collection figure reached 1.9 trillion pesos, 12.7 percent higher than the revised target of 1.7 trillion pesos.

This was, however, 12.7 percent lower compared to the total collection of 2.18 trillion pesos in 2019 as the coronavirus pandemic and community lockdowns weakened the government’s revenue generation efforts.

The BOC, in a separate statement, also said it was able to raise 539.7 billion pesos in revenue last year, 6.6 percent higher than the 506.2-billion-peso target.

Customs collections in 2020 declined by 14.4 percent from 630 billion pesos in 2019 due also to the economic impact of the pandemic.

Source: https://www.philstar.com/business/2021/01/05/2068156/bir-boc-surpass-2020-collection-targets

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