By Michelle Remo Philippine Daily Inquirer MANILA, Philippines—The Department of Finance said the current macroeconomic conditions were deemed favorable to government tax collection efforts and should help the Bureau of Internal Revenue (BIR) exceed its P845-billion revenue goal for the year by P1.3 billion. The department’s estimates showed the BIR could contribute P846.3 billion to the state coffers this year if only it would maximize the use of existing resources in collecting taxes. The BIR, however, claimed that the unmet macroeconomic assumptions of the government and the enactment of a law granting income tax relief to individual taxpayers would result in a P43.68-billion shortfall in its tax collection vis-à-vis its target. According to its computations, the BIR said it could collect P801.3 billion in taxes this year,...
[read full story]
Your Web Site
