THE Bureau of Internal Revenue (BIR) said tax collections as a share of gross domestic product (GDP) are currently at 10.8%.
The BIR added that it expects its tax-to-GDP ratio to increase to 11.2% next year and to 11.6% by 2025.
The BIR hopes to collect P2.64 trillion in revenue this year, 13% higher than its actual collections of P2.34 trillion in 2022.
BIR Commissioner Romeo D. Lumagui, Jr. said he expects to meet this year’s revenue goal.
“Because of our performance, we are confident we can attain our collection target. We will continue our job well to make sure we attain this,” he told reporters on Tuesday.
In the first six months, the BIR collected P1.22 trillion, up 7.65% from a year earlier but 2.57% below the bureau’s P1.25-trillion target for the period.
Mr. Lumagui said its performance was affected by the shift to the quarterly filing of value-added tax (VAT) returns.
“That’s why we have to wait for the collection from VAT to come in. Once that comes in, we are certain we will meet our target,” he said, adding that any such distortions created by quarterly filing will eventually be smoothed out.
The BIR collects about 70% of government revenue. — Luisa Maria Jacinta C. Jocson