TRAIN revenues overshoot target in Sept.
By CHINO S. LEYCO
The Duterte administration’s first tax reform law surpassed its revenue generation target in the first nine months of last year owing to lower-than-expected losses from the reduced personal income tax (PIT) rates, the Department of Finance (DOF) said.
Total revenues from the Tax Reform for Acceleration and Inclusion (TRAIN) amounted to ₱91.3 billion in January to September last year, higher by 18 percent compared with the ₱77.3-billion target for the period.
The TRAIN revenue collection raised by the Bureau of Internal Revenue (BIR) and Bureau of Customs at end-September accounted for 80.8 percent of the national government’s full-year goal of ₱113.1 billion.
Year-on-year, revenues from TRAIN also jumped 107 percent after both the BIR and Customs outperformed the government’s collections targets.
For BIR, the agency’s TRAIN tax haul exceeded estimates by ₱9.4 billion, while the Customs surpassed the target ₱4.7 billion. Major gains came from PIT, imported petroleum excise tax, sweetened beverage (SB) excise tax, tobacco excise tax and the documentary stamp tax, whose total take showed an increase of ₱42.4 billion.
