The Philippine Department of Finance (DOF) aims for double-digit revenue growth from the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) driven by faster economic growth and efficiency gains. Finance Secretary Ralph Recto projects a revenue-to-GDP ratio of 16.7 percent this year, the highest in 27 years. He anticipates a 11 percent growth for both BIR and BOC next year, aiming to maintain a revenue-to-GDP ratio of at least 16.5 percent.
THE national government aims to post double-digit growth in revenue collections from the Bureau of Internal Revenue and the Bureau of Customs , according to the Department of Finance .
“ BIR and BOC both will be challenging the …average growth of the BOC is about 5 percent to 6 percent. Next year their target is at 11-percent growth, more or less, 10 percent to 11 percent; the BIR, 11 percent too. So we want to maintain ,” Recto said. The Finance Secretary mused that if revenue growth target for the BIR is at 11 percent, there would be a 2-percent efficiency gain if GDP is at 6 percent and inflation is 3 percent, assuming there’s no tax or revenue measures.For the BOC, Recto said the slowdown in inflation may reduce the BOC’s tariff collections next year. However, he remains confident that collection efficiency at the BOC will continue to improve next year.
According to Recto, the DOF’s non-tax revenue this year will help revenue-collection agencies meet their targets. “Kung kulang ang BIR at BOC ng 250 . We made it up with the DOF on non-tax revenue. So we surpassed our target this year, the DOF,” Recto said.
Philippines Revenue BIR BOC Growth GDP Finance Economic Growth
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