The Bureau of Internal Revenue (BIR) is set to rake in P418.69 billion next year through excise taxes slapped on selected products.
According to the proposed Budget of Expenditures and Sources of Financing for 2023 posted on the Department of Budget and Management’s website, the projected amount to be collected next year on selected excises on goods is 14.65 percent higher than the 2022 program of P365.2 billion.
An excise tax is a tax on the production, sale or consumption of a commodity in a country.
When broken down, majority of the expected collections for next year will come from tobacco products with projected excise tax collection of P244.07 billion, followed by alcohol products with P115.11 billion.
Sweetened beverages will account for P39.82 billion, mining for P16.25 billion and automobiles for P3.29 billion.
The remaining amount will come from tobacco inspection fee, cosmetics procedures and other miscellaneous items.
Combined, the BIR and the Bureau of Customs (BOC) are tasked to collect a total amount of P3.44 trillion in revenues next year.
The target collections of the two agencies for 2023 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.
The BOC, meanwhile, is assigned to generate P765.59 billion, a 6.11 percent increase from the 2022 goal of P721.52 billion.
