By Jun Ramirez
Bureau of Internal Revenue (BIR) instructed on Sunday regional directors and the chief of the large taxpayers' service (LTS) to start assessing the effects of coronavirus disease 19 (COVID-19) in relation to its P 2.5 trillion collection assignment for the year.
Bureau of Internal Revenue (MANILA BULLETIN)
Revenue Deputy Commissioner for Operations Arnel Guballa said the evaluation reports will be used as the basis in coming out with a more reasonable and realistic collection goal.
The BIR is the single biggest source of funds of the government contributing roughly 61 percent of the national budget of P4.1 trillion for the year.
Guballa said the impact to the economy of the pandemic could not be clearly ascertained at this time as the virus is still raging.
Aside from the COVID-19 outbreak, the field evaluation reports will also include tax losses caused by other calamities like the Taal Volcano eruption, the African swine fever, strong earthquakes, and devastating typhoons.
The Department of Tourism estimated this early that COVID-19 could result in P43 billion in revenue loss due
drastic cut in tourist arrivals.
Shipments of electronics and auto parts, the country's major exports to China, have virtually stopped due to the temporary closure of many factories there to contain the spread of the virus.
The Department of Finance is optimistic, however, that the economic growth will rebound when the epidemic is finally restrained.