The Bureau of Internal Revenue (BIR) anticipates a wider gap in excise tax collection for 2024 due to changes in Filipino consumption patterns, particularly with tobacco products.
BIR Assistant Commissioner Jethro Sabariaga noted a significant shortfall in tobacco excise taxes, projecting a potential 15% gap between actual collections and targets.
The BIR’s 2024 excise tax target is P324.55 billion, up 11% from last year, but actual collections might fall to around P275.87 billion.
Despite enforcement efforts against illicit trade, the shift in consumption is challenging to overcome.
Excise taxes on minerals and single-use plastics, expected to boost revenues, have not yet been legislated.
Source: PhilNews24 | June 13, 2024
