The revenue collection target of the Bureau of Internal Revenue (BIR) for the year 2022 was cut from P2.482 trillion to P2.190 trillion to reflect a more accurate economic condition of the country.
Revenue officials who requested anonymity said the original target, fixed by Department of Budget Coordination Committee at the start of the year, has become unrealistic due to worldwide financial woes.
Foremost of which, they said, are the war in Ukraine, the increase of the dollar rate against the peso as well as the decision of some businesses to close their factories and instead get supplies abroad to save on production expenses.
They said one of the country's top taxpayers, Petron, shutdown its refineries and import finished petroleum products for its local market.
As a result, they said revenues from these sources dropped, particularly income and value-added taxes
Nevertheless, they said the tax take continues to register substantial increase compared to the previous year's total.
Statistics showed the bureau raised P1.93 trillion for the first eleven months of the year which was P141 billion more compared to the actual collection for same period in 2021.
Sources said the November take was still tentative and expected to hike when all collection reports come in.