jiliko Gov’t sets higher BIR, BOC revenue collection target for 2025

Updated:2024-12-25 07:40    Views:164

MANILA, Philippines – Revenue goals of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) will be hiked by double-digit in 2025, eyed to be achieved through increased collection efficiency and passage of several tax measures.

“Double digit [increase in revenue target] both next year. BIR and BOC [targets] will be challenging kasi (because) the growth rate, average (revenue) growth of the BOC is about 5 to 6 percent,” Finance Secretary Ralph Recto told reporters in a recent press chat.

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Under the Department of Budget and Management’s Budget of Expenditures and Sources of Financing, the BIR is tasked to collect P2.85 trillion this year while BOC’s revenue collection target is P939.6 billion.

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READ: 9-month collections up but BIR, BOC unlikely to hit 2024 targets – Recto

For next year, BIR has been tasked to collect P3.2 trillion, while it is P1.06 trillion for BOC.

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Among the DOF priority measures are the Imposition of Excise Tax on Single-use Plastics (SUPs), Package 4 of the Comprehensive Tax Reform Program (CTRP), the Rationalization of the Mining Fiscal Regime, and the Reform on the Motor Vehicle Users’ Charge (MVUC).

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“Hopefully, we get those new tax measures,” Recto said.

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In an earlier statement, the DOF said total revenue collection for this year is expected to increase to P4.42 trillion, surpassing the full-year target of P4.27 trillion.

In the first 10 months of the year, DOF has already collected P3.77 trillion in total revenues, 16.8 percent increase over the same period last year.

The S&P Global defines “emerging markets” as countries that have been or are transitioning toward middle- income levels, with good access to global capital markets, deepening domestic capital markets, and global economic relevance based on economic size, population and share in global trade.

Tax collections rose by 11.4 percent to P3.23 trillion from January to October 2024, while non-tax revenues surged by 64.9 percent to P 539.40 billion.

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