The Bureau of Internal Revenue's (BIR) specialized unit responsible for managing the tax affairs of large corporations is expected to exceed its collection target this year.

Based on the amended 2024 BIR collection program, the Large Taxpayers Service (LTS) has revised the collection goal to P1.883 trillion, up two percent from the original target of P1.841 trillion.

The increase in tax revenue is mainly due to higher collections from excise and other taxes.

The LTS’ excise tax collections are now projected to increase by 40 percent to P454.4 billion from P324.56 billion.

Additionally, the LTS is expected to collect P163.89 billion from other taxes, up 18 percent from the previous target of P138.25 billion.

On the other hand, collection targets for some special taxes have been reduced.

The income tax collection target has been lowered by 11 percent to P835.9 billion from P939.49 billion, and the target for percentages taxes has been adjusted to P99.86 billion from P106.16 billion.

If achieved, revenues from the LTS will make up 61.7 percent of the bureau's revised full-year target of P3.047 trillion.

The government’s two main tax agencies, including the BIR, had their targets for this year revised downward by the inter-agency Development Budget Coordination Committee (DBCC) in May.

The BIR and Bureau of Customs are now expected to collect P3.788 trillion this year, a 5.6 percent decrease from the original target of P4.014 trillion.

In 2023, the BIR, which generates nearly 70 percent of the government's yearly income, collected P2.516 trillion.