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Manila Bulletin devider Business devider BIR expects P1.84 trillion from big corporations

BIR expects P1.84 trillion from big corporations

In 2024

Published Mar 20, 2024 01:58 am

At A Glance

  • The Bureau of Internal Revenue's (BIR) Large Taxpayers Service (LTS) aims to collect P1.841 trillion this year<br>LTS is tasked with achieving 60.2% of BIR's P3.055 trillion full-year target<br>The LTS collection goal is 15% higher than last year's target of P1.599 trillion<br>Excise taxes are expected to contribute approximately P324.56 billion to the LTS target<br>Sin taxes should generate P268.9 billion, with P152.3 billion from tobacco and P116.5 billion from alcohol<br>Excise tax projections include P36.47 billion from sweetened beverages, P10.89 billion from mining, and P5.8 billion from automobiles<br>Expected excise tax collections also include P2.33 billion from single-use plastics, P143 million in miscellaneous excise tax, and P9 million each from cosmetic procedures and tobacco inspection fees

The Bureau of Internal Revenue's (BIR) specialized unit responsible for managing the tax affairs of large corporations in the country is projected to collect P1.841 trillion this year.

According to BIR Revenue Memorandum Order (RMO) No. 11-2024, the Large Taxpayers Service (LTS) is tasked with collecting 60.2 percent of the bureau's full-year target of P3.055 trillion.

This year, the LTS aims to surpass its previous year's target of P1.599 trillion by 15 percent.

Issued on March 13, 2024, and signed by BIR Commissioner Romeo D. Lumagui Jr., the RMO outlined that approximately P324.56 billion of the total LTS target will be derived from excise taxes.

Sin taxes are expected to contribute P268.9 billion to the revenue target for 2024, with P152.3 billion originating from tobacco products and the remaining P116.5 billion from alcohol.

Furthermore, the BIR expects collecting P36.47 billion in excise taxes from sweetened beverages, P10.89 billion from mining, and around P5.8 billion from automobiles.

Additionally, the bureau forecasts P2.33 billion in excise tax revenue from single-use plastics, P143 million in miscellaneous excise tax, and P9 million each from cosmetic procedures and tobacco inspection fees.

In 2023, the BIR posted a record-breaking collection of 2.5 trillion, but fell short of the target due to adjustments in value-added tax (VAT) filings and deadlines.

Last Jan. 23, Finance Secretary Ralph G. Recto met with the BIR to discuss strategic plans to achieve the Marcos administration's target of generating P4.3 trillion in revenues this year.

Recto told the BIR executives that the Marcos administration is committed to achieving this year's total revenue collection target, with the majority of the amount expected to come from the bureau.

Related Tags

large taxpayers service Bureau of Internal Revenue (BIR) BIR Commissioner Romeo D. Lumagui Jr.
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