The Bureau of Internal Revenue (BIR) said the implementation of the first tax reform law boosted the agency’s collection, even exceeding its target, in the first two months of 2018.
Finance Secretary Carlos Domingues III said the BIR was able to amass higher collections on the back of the Tax Reform for Acceleration and Inclusion (TRAIN) Act.
He said collections in the period reached P280.6 billion, up 17.5 percent compared to the P238.71-billion target of BIR.
BIR also noted that its end-February collections climbed 11 percent to PP253.3 billion.
“In the first two months of this year since the TRAIN [tax reform for acceleration and inclusion] was passed, we are actually collecting more revenues than expected,” Dominguez mentioned in his speech during the Inter-Pacific Bar Association Annual Meeting and Conference.
Moreover, revenue collections of the Bureau of Customs also rose to P85.63 billion in January to February against the P66.8 billion posted in the same period last year.
“We are confident the aggressive infrastructure build-up we initiated will be adequately funded,” Dominguez said.
For this year, the Duterte administration has mandated the two main tax agencies to chip in P2.642 trillion.
BIR is projected to raise P2.004 trillion, while BoC is expected to contribute the remaining P637.08 billion.