TAX collections could fall short of target this year, Finance Secretary Ralph Recto said on Friday, but nontax gains will still enable the government to hit its overall revenue goal.
This came as the Finance Department, in a Facebook post earlier in the day, said that the Bureau of Internal Revenue and the Bureau of Customs — the main tax-collecting agencies — had continued to post revenue gains as of end-September.'Both may miss their target, but we will still achieve our revenue target from non tax revenue,' Recto told The Manila Times. Finance Secretary Ralph Recto.
58 trillion.Collections for August alone were up 24.4 percent to P386.3 billion, which the Treasury said last month was 'driven by strong nontax collections.'Overall revenues, meanwhile, were 'already 70.10 percent of the P4.3 trillion full-year program for FY 2024.'Taxes accounted for the bulk — 85.47 percent or P2.56 trillion — of the cumulative collections and were 10.83 percent higher than the P2.31 trillion posted a year ago.The remaining 14.53 percent or P434.
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