BIR may exceed P2T goal this year, DOF says

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    Finance Secretary Carlos Dominguez has expressed confidence that the Bureau of Internal Revenue (BIR) will be able to overshoot its collection target for 2021.

    Dominguez said he expects the BIR to rake in more than the P2.08 trillion goal for the year.

    “Now more than ever, the whole nation relies on the BIR’s bold commitment to provide the revenues needed to support our people and push our country forward towards a strong economic recovery,” Dominguez said in his message delivered virtually via Zoom at Wednesday’s opening of the BIR’s Tax Campaign Kick-off.

    “I have no doubt that the (BIR’s) target will not be just met, but will be exceeded again,” he added.

    He said the digitalization initiatives put in place by the BIR, along with its improved administrative systems and dedicated workforce, will enable the bureau to achieve its 2021 collection goal.

    He noted that in 2020, the BIR was able to exceed its adjusted collection target by 15.7 percent despite the limitations set by the pandemic, by making use of digital tools to efficiently collect taxes.

    “That accomplishment goes a long way in reinforcing our fiscal position,” he said.

    Last year, 85 percent of total tax payments were coursed through electronic channels, while almost 100 percent of tax returns were filed online, which are both indications of an “irreversible trend,” Dominguez said.

    “The pandemic fast-tracked the application of new technologies for tax payments and settlements.

    The BIR was not behind in this transformation,” he added.

    Dominguez said the BIR was able to carry out its functions despite the pandemic-related community quarantines because of its information infrastructure and digitalized processes.

    The finance chief said he is confident that the BIR would be able to make progress in applying digital technology in all its essential processes to further enhance the agency’s efficiency.