The BIR hopes to meet the lofty target through the withholding tax on online sellers, digitalization, and an enhanced capability to run after corporate tax evaders
MANILA, Philippines – Finance Secretary Ralph Recto has challenged the Bureau of Internal Revenue to collect P3.05 trillion in 2024, a target even higher than the P2.64-trillion mark that the agency failed to hit last year.
With that role comes massive expectations. To put the sheer size of BIR’s 2024 target in perspective, that would mean the agency has to collect P8.2 billion on average every day – more than what big companies likeBIR Commissioner Romeo Lumagui Jr. admitted that it would be “challenging,” especially now that the year was already halfway through.
Lumagui believes this will help the agency cash in from the shift to online sellers, many of whom have avoided paying taxes. But this alone will unlikely be enough for the BIR to hit the ambitious revenue target it has for the year.
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