The government’s two largest revenue-generating agencies are expected to rake in over P4 trillion in revenues in 2024.
According to the proposed Budget of Expenditures and Sources of Financing (BESF) for 2024, the Bureaus of Internal Revenue (BIR) and Customs (BOC) are programmed to generate P4.05 trillion next year.
That figure is 15.19 percent higher than the P3.51 trillion program for this year.
Of the said amount, the BIR will collect taxes amounting to P3.05 trillion, 15.44 percent higher than this year’s goal of P2.64 trillion.
Meanwhile, the BOC, for the first time in its history, is tasked to generate more than a trillion pesos in revenues.
The P1 trillion goal is 14.41 percent up versus this year’s target of P874.17 billion.
According to the BESF, the collection targets for next year include proceeds from the proposed tax revenue measures starting 2024 onwards.
The proposed revenue measures include value-added tax on digital service providers; the Passive Income and Financial Intermediary Taxation bill; excise taxes on single-use plastics, pre-mixed alcoholic drinks, sweetened beverages and junk food as well as pickups; and the mining fiscal regime.
The proposed measures are expected to contribute P120.54 billion to the government coffers in 2024.
For next year, the government has programmed revenues of P4.27 trillion, which is 14.58 percent higher than the 2023 goal of P3.73 trillion.
Other sources of funds include non-tax revenues and privatization proceeds.
