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.