The Bureau of Internal Revenue (BIR) has exceeded its P2.85-trillion collection target for 2024, marking the first time in 20 years the agency has met its goal, excluding the adjusted 2020 pandemic target.
BIR Commissioner Romeo Lumagui Jr. credited the achievement to reforms, modernization efforts, and a taxpayer-focused approach that boosted voluntary compliance.
November collections surged by 17.8%, with notable increases in income taxes, VAT, excise taxes, and documentary stamp tax revenues.
Despite slower GDP growth in the third quarter, year-to-date revenues rose 15.2% to P4.1 trillion, while government spending outpaced revenues, widening the budget deficit to P1.18 trillion.
Lumagui urged continued support for the agency’s reforms to sustain future success.
Source: PhilNews24 | January 15, 2025
