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THE PHILIPPINE government\u2019s major revenue-generating agen<\/span>cies are confident of meeting <\/span>their revised full-year targets, after posting higher collections in <\/span>the primary half of the 12 months.\u00a0 \u00a0<\/span><\/p>\n Bureau of Internal Revenue (BIR) Commissioner Charlito Martin R. Mendoza said faster economic growth within the second half of <\/span>the 12 months will boost tax collection.<\/span><\/p>\n \u201cHopefully, our infrastructure spending will improve, and our economic activities will speed up in the approaching months,\u201d Mr. Mendoza told reporters last week.<\/p>\n \u201cWe hope for the next gross <\/span>domestic product growth <\/span>in the approaching months since it really has an impact on value-added tax, percentage tax and other busi<\/span>ness taxes,\u201d he added.\u00a0<\/span><\/p>\n The Philippine economy expanded by a slower-than-expected 2.8% in the primary quarter, the weakest growth because the pandemic and well below the 5.37% expansion in the identical quarter a 12 months earlier.<\/p>\n The Department of Economy, Planning, and Development earlier said the lingering effects of last 12 months\u2019s corruption scandal and the escala<\/span>tion of the Middle East conflict <\/span>could have weighed on growth within the second quarter. Nonetheless, it expects a recovery within the second semester <\/span>amid a pickup in public spending. <\/span><\/p>\n Tentative data from the BIR showed that it collected P1.65 trillion in the primary six months, up 5.33% from P1.567 trillion a 12 months earlier.<\/p>\n \u201cNevertheless it remains to be very tentative\u2026 We’re still reconciling; it isn’t final yet. But definitely higher (than last 12 months). Although our growth rate for June isn’t as high <\/span>as that of May, which was 15%,\u201d Mr. Mendoza said. <\/span><\/p>\n \u201cBut you’ve got to grasp that in June last 12 months we had the deadline for the estate tax amnesty. So, the revenues from the estate tax amnesty got here in,\u201d he added.<\/p>\n The BIR\u2019s first-half collections accounted for 48.6% of the Development Budget Coordination Committee\u2019s (DBCC) downwardly revised P3.393-trillion collection goal for 2026.<\/p>\n Mr. Mendoza admitted the revised collection goal stays a \u201ctall order.\u201d<\/p>\n \u201cThe goal is around P3.4 trillion. We collected P3.1 trillion last 12 months. That remains to be near a ten% growth, so it remains to be a tall order, but we’re doing our greatest to satisfy our goal,\u201d he said. \u201cTo this point, we’re still on course especially with the P38-billion reduction in our goal.\u201d<\/span><\/p>\n Mr. Mendoza said the agency hopes to book strong collections from nonresident digital service providers and excise taxes, amongst others.<\/p>\n HIGHER BOC TARGET The DBCC raised the BoC\u2019s 2026 revenue goal by 0.7% to P1.011 trillion from P1.003 trillion previously. This because it adjusted the peso-dollar exchange rate assumption to P60-P62 this 12 months from P58-P60 previously.<\/p>\n The peso traded above P61 per dollar in July. It closed at P61.587 against the dollar on Friday, strengthening by 3.3 centavos from its P61.62 finish on Thursday.<\/p>\n \u201cPrimarily, it’s the changes in peso-dollar exchange rate and other macroeconomic aspects, plus they foresee the expansion of the economy,\u201d Mr. Nepomuceno told reporters last week.<\/p>\n \u201cBut we will still achieve it, but our surplus of P11.8 billion will just be used to cover for that additional P7 billion,\u201d he added, referring to the quantity by which first-half collections exceeded the agency\u2019s goal.<\/p>\n In the primary half, BoC collections rose by 7.2% to P491.75 billion from P458.77 billion a 12 months earlier. Collections also exceeded the P480.27-billion goal for the period by 2.4%.<\/p>\n \u201cThere remains to be more room for improvement, comparable to the speed of assessment or the overall collection over <\/span>the overall value of imports,\u201d Mr. Nepomuceno said. <\/span><\/p>\n The Customs chief said his review of average assessment rates over time showed that the ratios at some ports were low and may very well be improved with<\/span>out departing from the transaction value regime. <\/span><\/p>\n \u201cThere are specific imported items that I do know if we increase the speed of assessment, we’ll lift the collections. But you’ve got to do this incrementally,\u201d he said.<\/p>\n \u201cRemember, we’re in a transaction value regime, meaning we now have to honor what they claim, based on their documents, are the actual prices they paid for his or her imports. We have now reference values, but we’ll respect their documents,\u201d he added. \u2014 Justine Irish D. Tabile<\/b><\/p>\n<\/p><\/div>\n <\/p>\n","protected":false},"excerpt":{"rendered":" A Bureau of Internal Revenue (BIR) worker receives an income tax return from a taxpayer. \u2014 PHILIPPINE STAR\/EDD GUMBAN THE PHILIPPINE government\u2019s major revenue-generating agencies are confident of meeting their revised full-year targets, after posting higher collections in the primary half of the 12 months.\u00a0 \u00a0 Bureau of Internal Revenue (BIR) Commissioner Charlito Martin R. […]<\/p>\n","protected":false},"author":1,"featured_media":368910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[44198,50187,138,7815,20407],"class_list":["post-368909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bir","tag-boc","tag-revenue","tag-targets","tag-upbeat"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t
<\/b>Meanwhile, Bureau of Customs (BoC) Commis<\/span>sioner Ariel F. Nepomuceno said the DBCC may <\/span>have considered recent foreign exchange (forex) <\/span>movements and other macroeconomic aspects when it hiked the agency\u2019s collection goal by P7.2 billion. <\/span><\/p>\n