The amount to be collected by the government’s two largest revenue-generating agencies combined is expected to breach the P4 trillion mark by next year, according to data released by the Department of Budget and Management (DBM).
According to the Budget of Expenditures and Sources of Financing (BESF) for fiscal year 2025, the Bureaus of Internal Revenue (BIR) and Customs (BOC) are expected to rake in a combined amount of P4.3 trillion next year.
This amount is 13.4 percent higher than the programmed P3.79 trillion for this year.
Of the total figure, the BIR is tasked to generate P3.23 trillion in 2025.
This projection is 13.46 percent above the estimated collection of the agency for this year of P2.85 trillion.
Meanwhile, the BOC is assigned a revenue goal of P1.06 trillion.
This is 13.23 percent higher than the agency’s program for this year of P939.69 billion.
The BESF also showed that the passage of priority tax reform measures will help support the government’s goal of meeting its collection targets, as it will contribute P28.38 billion.
Of this amount, P21.98 billion will come from the BIR, broken down as follows: P10.87 billion from the value-added tax on digital service providers, P5.31 billion from the excise tax on single-use plastics, P5.81 billion from the rationalization of the mining fiscal regime and P298 million from the proposed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy or CREATE MORE. Package 4 of the Comprehensive Tax Reform Program on the other hand will result to revenue loss of P306 million.
Meanwhile, the BOC will contribute P6.4 billion with the implementation of the proposed excise tax on pick-ups by next year.
