Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. said the agency is on track to achieve its revenue collection target for this year but noted that a revision to the target is also possible to take into consideration the country’s economic performance.
“The BIR has been working double-time in making sure that our revenue collection target will be met this year. As of now, the revenue collection target is set at PHP3.2 trillion and as of the first quarter, I am happy to announce that we are right on track in achieving our target,” Lumagui said during the Kapihan sa Manila Bay yesterday.
Latest data from the Bureau of the Treasury showed that for the first four months of the year, the BIR’s collection reached PHP1.1 trillion, up by 14.50 percent compared to the same period last year.
Lumagui, however, said a revision to this year’s target is “possible given the actual gross domestic product (GDP) growth.”
“May mga pinag-uusapan ano because supposedly, ang collection target is dependent on the economic growth of the country. So since yung growth of the economy, yung GDP growth natin is not going as projected… if you follow the GDP growth, dapat magkaroon ng recalibration doon sa collection target, if we follow that (There are discussions about it because supposedly, the collection target is dependent on the economic growth of the country. So since the growth of the economy, our GDP growth is not going as projected…if you follow the GDP growth, there should be a recalibration in the collection target, if we follow that),” he said.
For this year, economic managers earlier set a 6 to 8 percent economic growth target.
In the first quarter of the year, the Philippine economy grew by 5.4 percent.
“So pinag-uusapan kung ano yung tamang collection target ng BIR but as of now, it’s still at the PHP3.2 trillion, wala pang ano [revision] (So there are discussions about the collection target of the BIR, but as of now, it’s still at the P3.1 trillion, there’s no [revision],” Lumagui said.
To further improve collections in the coming years, Lumagui said the BIR is targeting the rollout of the digital track and trace on cigarettes, vapes, and alcohol next year.
Under the program, all registered cigarettes, vape products, and alcohol will have QR code and stamps as distinguishing marks.
This will allow the BIR and consumers to determine if products are registered.
The digital track and trace system will be a public-private partnership (PPP) project.
Lumagui said the project needs to be approved by the Department of Economy, Planning, and Development.
He said the project’s feasibility study is now at the Department of Finance for approval.
“But our real hope is full implementation by next year,” Lumagui said.*PNA
