The Bureau of Internal Revenue (BIR) has revised the collection assignment of its field offices nationwide after fiscal authorities further reduced the agency's target for the year to P1.686 trillion.
BIR Commissioner Caesar Dulay issued Revenue Memorandum Order No. 30-2020 revising RMO 16-2020 to allocate the new goal to various audit divisions in national, regional and district offices making it more equitable and fair.
The Development Budget Coordinating Committee had been trimming the original goal of P2.5 trillion fixed at the start of 2020 to reflect the onslaught of the corona virus on the economy.
The latest target of P1.686 trillion included P44 billion from non-operation, or proceeds from the sale of bonds and treasury notes.
The P1.641 trillion to be generated from operation is P490 billion, or 23 percent lower than the actual collection of P2.13 trillion last year.
Top revenue officials believe that the foremost tax collection arm of the government will hit the new target and may even register a modest surplus.
They based their optimistic projection on the collection performance during the first eight months of this year which totalled to almost P1.3 trillion.
They said the take for August alone reached P172 billion which was P53 billion higher than the target of P118 billion.
They noted that the excellent collection record was achieved despite the fact that Metro Manila and the four adjoining provinces, the single biggest source of revenues were under modified enhanced community quarantine from Aug. 4 to 28.