The Philippines: BIR, BOC surpass 2020 collection targets

• The country’s two largest revenue-generating agencies, the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) were able to surpass their downscaled full-year collection goals in 2020, according to preliminary government data.
• Internal Revenue Commissioner Caesar Dulay said the BIR’s preliminary collection figure for 2020 reached PHP1.899tr, 12.7% higher y/y than the revised target of PHP1.69tr in 2021.
• “The final collection figure will be in by 10 Jan 21,” Dulay said.
• This was, however, 12.7% lower y/y compared to the total collection of PHP2.18tr in 2019 as the coronavirus pandemic and community lockdowns weakened the government’s revenue generation efforts.
• The BOC, in a separate statement, also said it was able to raise PHP539.66bn in revenue in 2020, 6.6% higher than the PHP506.15bn target.
• BOC collections in 2020 declined by 14.38% y/y from PHP630.31bn in 2019 due also to the economic impact of the pandemic.
• For Dec 20 alone, the BOC collected PHP47.32bn, exceeding the target of PHP43.37bn by 9.1%. This was the seventh consecutive month the bureau surpassed its target.
• The BOC attributed its above-target performance to the improved valuation process implemented in all ports, the gradual improvement of importation volume and the government’s efforts to ensure the unhampered movement of goods domestically and internationally amid the pandemic.
• According to Dulay, the BIR is targeting to collect PHP2.081tr in revenues in 2021, 23.14% higher than its 2020 goal.

External Link : https://www.philstar.com/business/2021/01/05/2068156/bir-boc-surpass-2020-collection-targets