BIR, BoC surpass collection goals in July

THE government’s main revenue generating agencies breached their tax take targets in July, reflecting improvements in the country’s manufacturing and trade sectors, Finance Secretary Carlos Dominguez 3rd reported.

During the joint press conference of the members of Development Budget Coordination Committee (DBCC) on Thursday, Dominguez said the Bureau of Customs (BoC) was able to exceed its July collection by 5 percent due to higher import volumes.

“This follows above-target performance in June and signals rising economic activity,” he added.

Data showed that the actual tax take of the Customs bureau settled at P50.07 billion in July, wider than the P47.67 billion goal for the month.

For its part, the Finance chief said the Bureau of Internal Revenue (BIR) surpassed its July collection target by 2 percent.

“The major tax gains last month were seen in both excise and value added taxes, signs the consumer spending is starting to pick up,” he emphasized.

The actual July BIR tax take hit P126.72 billion, higher than the P124.14 billion goal.

Source: TheManila Times