BIR exceeds 2020 tax collection goal

The Bureau of Internal Revenue exceeded its 2020 tax collection target despite the challenges brought by the pandemic.

BIR Commissioner Caesar Dulay said the taxman collected 1.94 trillion pesos last year, surpassing its goal of 1.69 trillion pesos by 255 billion pesos.

The BIR exceeded its target by 15% in 2020 — the highest percentage ever recorded in the bureau’s history for the past two decades.

The BIR chief said collection performance was made possible through the strict implementation of Taxpayer Account Management Program, monitoring of withholding tax remittances, and continued tax awareness activities, which revenue offices nationwide have been able to sustain even during the most restricted quarantine period through the use of phones, emails, virtual meetings, and other electronic platforms.

As the pandemic forced many to stay home, the BIR eased tax compliance through electronic filing and settlement.

Source: https://www.gmanetwork.com/news/money/economy/773284/bir-exceeds-2020-tax-collection-goal/story/

Leave a comment

Your email address will not be published. Required fields are marked *

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