WITH an already challenging P3.05-trillion revenue target for 2024, the Bureau of Internal Revenue (BIR) remains optimistic about reaching the P3.232-trillion collection goal next year. Based on the 2025 Budget of Expenditures and Sources of Financing, the BIR is expected to collect P3.232 trillion in 2025, higher by 5.
WITH an already challenging P3.05-trillion revenue target for 2024, the Bureau of Internal Revenue remains optimistic about reaching the P3.232-trillion collection goal next year.
“Many have shifted to online shopping from traditional transactions. There are a lot of transactions that the BIR is not able to capture, so that’s why we are focused on taxing those in the online selling platforms,” Lumagui told reporters on the sidelines of the 120th anniversary of the BIR. Lumagui said the BIR will run after those who “flex” their earnings on social media, particularly those who claim they are billionaires at such a young age.
Recto encouraged the BIR to keep up its digitalization initiatives such as the Online Registration Update System, the Optimized Knowledge Management for Chatbot Review, and the Electronic One-Time Transaction System to ensure efficient tax collection.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
P7-B budget for 2025 proposed for PangasinanLINGAYEN, Pangasinan — Gov. Ramon Guico III announced on Friday that he will propose to the Sangguniang Panlalawigan (Provincial Board) a P7.186-billion budget for the provincial government for 2025.
Read more »
Marcos reveals NIR budget not included in 2025 budgetSunStar Publishing Inc.
Read more »
Institution vs. Innovation in Kabankalan City in 2025SunStar Publishing Inc.
Read more »
P2 billion compensation for Marawi victims unfunded in proposed 2025 budgetLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
No allocation for Negros Island Region in proposed 2025 nat’l budgetBACOLOD CITY – Sen. Imee Marcos expressed concern after the fund allocation for the Negros Island Region (NIR) did not make it to the proposed 2025 national budget.
Read more »
8% increase in 2025 OVP budget, no confidential fund requestedSunStar Publishing Inc.
Read more »