Gov’t plans tax revenue program until ‘17

MANILA, Aug. 22 (PNA) — Economic managers have planned tax revenue targets of government’s tax collecting agencies up to 2017.

The two major revenue agencies are the Bureau of Internal Revenue (BIR), which collects about 70 percent of the taxes, and the Bureau of Customs (BOC).

Based on the proposal presented before lawmakers, the BIR will have a PHP1.72 trillion goal for 2015, up by 18.16 percent than this year’s PHP1.456 trillion.

For 2016, the agency’s goal is PHP2.07 trillion, up by 20.44 from the proposed 2015 level; while it’s 2017 goal is PHP2.36 trillion, 13.94 percent higher than the previous year’s level.

Earlier, Finance Secretary Cesar Purisima challenged BIR Commissioner Kim Jacinto-Henares for a P2.133 trillion collection goal for 2016.

He cited that the BIR has been posting improvements in its collection, thus, he is confident that it has the capacity to further improve its current performance.

Last July, the agency surpassed PHP119.3 billion revenue target after its collection reached PHP119.94 billion, up by 19.82 percent than the PHP100.1 billion same period in 2013.

Asked by PNA on whether the agency can sustain this performance and hit its full year goal of PHP1.46 trillion Revenue Commissioner Kim Jacinto-Henares said: “I do not know but I hope so.”

”Everyone is working very hard to reach our goal,” she added.

For the Bureau of Customs (BOC), its revenue goal for 2015-17 is PHP456.47 billion, PHP520.75 billion and PHP574.4 billion.

The proposed 2015 revenue is higher by 11.85 percent compared to this year’s PHP408.1 billion while the 2016 and 2017 targets are up by 14.08 percent and 10.3 percent, respectively. (PNA)