BIR, BOC to rake in P3.4T in 2023

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The Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) are tasked to collect P3.44 trillion in revenues in 2023, according to data released by the Department of Budget and Management.

Based on the Budget of Expenditures and Sources of Financing for fiscal year 2023, the target collections of the two agencies for next year is 10.34 percent higher than the combined goal of P3.11 trillion for 2022.

Of the said amount, the BIR is tasked to collect P2.67 trillion, 11.61 percent up from this year’s target of P2.39 trillion.

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The BOC, meanwhile, is assigned to generate P765.59 billion, a 6.11 percent increase from the 2022 goal of P721.52 billion.

According to the most recent cash operations report released by the Bureau of the Treasury, the BIR’s collection stood at P1.13 trillion for the first half of 2022, growing by 9.76 percent year-on-year but 2.77 percent short of the half-year program.

The BOC’s revenue of P396.7 billion for January to June, meanwhile, exceeded both the mid-year program and the previous year’s outturn by 9.98 percent and 31.47 percent, respectively.

Based on preliminary reports as of August 23, the BOC has already reached its revenue collection target of P58.849 billion for August even before month’s end, the agency said in a statement yesterday.

“The BOC just exceeded the August collection target with our revenue today (August 23) of P60.524 billion. We are up by 2.8 percent or by P1.675 billion compared to the monthly target,” Customs Commissioner Yogi Filemon Ruiz said.

The government aims to collect revenues amounting to P3.63 trillion in 2023, while disbursements are seen to reach P5.09 trillion.

The deficit ceiling for the full-year is P1.45 trillion, equivalent to 6.1 percent of gross domestic product.

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