Finance Secretary Ralph G. Recto led strategic planning efforts to achieve the revenue target of P4.3 trillion.
Rector said the focus was on devising strategies to enhance the country's tax administration in alignment with the ambitious revenue goal set by the Marcos administration.
Recto emphasized the administration's commitment to reaching the P4.3 trillion total revenue collection target, with a significant portion expected to be generated through the Bureau of Internal Revenue's efforts.
Recto meets with BIR officials for P4.3 T revenue target
Jan 23, 2024 09:00 AM
At a glance
Finance Secretary Ralph G. Recto met with the government’s tax collectors to discuss strategic plans to achieve the Marcos administration's target of generating P4.3 trillion in revenues this year.
On Tuesday, Jan. 23, Recto held a meeting with the Bureau of Internal Revenue's (BIR) management committee, led by Commissioner Romeo Lumagui Jr., to develop strategies for improving the country's tax administration.
Recto told the BIR executives that the Marcos administration is committed to achieving this year's total revenue collection target of P4.3 trillion, with the majority of the amount expected to come from the bureau.
In 2024, the BIR, the government's main tax agency, has been tasked with collecting P3.05 trillion, while the Bureau of Customs is expected to generate P1 trillion.
Additionally, the Treasury bureau is projected to raise P300 billion in revenues this year.
If realized, the P4.3 trillion revenues will help bridge the national government’s budget deficit, which is projected to reach P1.363 trillion by the end of December.
“Secretary Recto reiterated to BIR officials the President’s marching orders for the Bureau to deliver on its promise of prompt, efficient, and excellent taxpayer and tax administration service,” the DOF said.
“He assured BIR officials that the DOF will act fast on proposals and projects that will further improve tax administration while pushing forward more initiatives that will help grow the economy to broaden the tax base,” it added.
The DOF is pushing for the approval of several measures.
These include Package 4 of the Comprehensive Tax Reform Program (CTRP), the Value Added Tax on Digital Service Providers, Excise Tax on Single-Use Plastic Bags, and Excise Tax on Sweetened Beverages and Junk Food.
Moreover, the DOF is also seeking for the passage of CTRP Package 3, which focuses on Real Property Valuation and Assessment Reform (RPVAR), as well as the Value-added Tax (VAT) refund for non-resident tourists.
“There are already existing revenue measures that the House [of Representatives] have passed, and the President have certified these as urgent. We will make sure that the Senate will be able to pass the same,” Recto said.