Home BUSINESS BIR seen to breach 2021 goal of P2.1 trillion

BIR seen to breach 2021 goal of P2.1 trillion

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FINANCE Secretary Carlos G. Dominguez III has expressed confidence that Bureau of Inside Income (BIR) would exceed its P2.081-trillion goal this yr as the federal government wanted extra revenues this yr to cowl the anticipated larger price range deficit.

Dominguez stated this feat could be doable this yr because the company continues to ramp up its digitalization efforts.

“With digitalization in improved administrative methods, and the dedication of the women and men of the Bureau, I’ve little question that the goal is not going to simply be met, however can be exceeded,” Dominguez stated in his speech throughout BIR’s 2021 Nationwide Tax Marketing campaign Kick-Off on Wednesday.

BIR’s goal for this yr is 23.5 p.c larger than its P1.685-trillion downscaled goal final yr.

In the identical speech, Dominguez stated the “nation wants to gather as a lot income as doable to defeat the pandemic and assist public investments to assist our economic system get better.”

The federal government is hoping to lift extra revenues this yr to cowl the anticipated larger price range deficit at P1.78 trillion or 8.9 p.c of the nation’s GDP.

The federal government has but to formally launch the full-year price range deficit determine for 2020, however Dominguez earlier stated the “rising” price range final yr was at P1.36 trillion or 7.5 p.c of the federal government’s projected GDP. Ought to this be realized, that is record-high and greater than double the nation’s price range deficit in 2019, which solely stood at 3.4 p.c of GDP or P660.2 billion.

State revenues have been down final yr due to the pandemic-induced financial lockdown however Dominguez stated BIR nonetheless managed to surpass its goal final yr by benefiting from digital reforms.

The federal government’s principal income company collected P1.94 trillion final yr, of which 85 p.c or P1.66 trillion was coursed by digital channels.

Dominguez additionally stated “virtually 100%” of the tax returns filed was completed on-line final yr.

“The Bureau of Inside Income wouldn’t have posted such praiseworthy efficiency, with out the heroic operations of our taxpayers, particularly our giant taxpayers who’re current right here at present. Our diligent taxpayers make the good activity of gathering revenues a lot lighter,” he stated.

On Tuesday, the Philippines signed a US$809,450 grant settlement (about P38.85 million) with the USA Commerce and Growth Company (USTDA) that may assist BIR’s Data Communication Expertise (ICT) Modernization Technique and Knowledge Middle to spice up its assortment effectivity.

The US grant additionally goals to help the BIR in enterprise an in-depth technical evaluation of its present ICT surroundings, creating an Enterprise Structure roadmap/framework, and assessing the organizational framework of its  Data System Group (ISG), together with advisable restructuring and coaching packages.

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