The Bureau of Customs revenue collections from petroleum products rose in November last year due to a surge in imports of diesel and gasoline, the Department of Finance (DOF) said.
Based on a report submitted to Finance Secretary Carlos G. Dominguez III, the Customs bureau raised P12.83 billion f
Money
In this photo taken on August 12, 2020, a group of jeepney drivers with placards strapped to their bodies beg for alms along a road in Manila, amid the pandemic that had deprived them of their livelihood for months. Ted Aljibe/AFP OUTLOOK IN 2021
Published December 31, 2020 4:37pm The Philippines economic managers are optimistic that the country, home to the longest lockdown in the world, will see growth bounce back to pre-pandemic levels in 2021 after a record economic contraction this year due to the coronavirus disease 2019 (COVID-19). This year, the government sees the local economy contracting by 8.5% to 9.5%, the worst performance on record. In the third quarter of the year, the gross domestic product (GDP) fell by 10%.
Published December 31, 2020, 5:30 AM
The leading tax collection unit of the Bureau of Internal Revenue (BIR) has surpassed by a big margin its collection assignment as it garnered P1.4 trillion of December 22, 2020.
Revenue Assistant Commissioner Manuel Mapoy, head of the Large Taxpayers Service (LTS), said the take was P135.5 billion higher than the goal of P1.2 trillion for 2020.
(MANILA BULLETIN)
The LTS exclusively handles the investigation of the country’s 3,000 top corporations including multinationals and inter-related companies.
Mapoy said the remarkable fate was achieved through relentless audit of financial statements and other tax returns.
He said many individuals and companies availed themselves of the current tax amnesty on delinquencies program to avoid investigation and pay interest and surcharges for deficiencies found during probe.
Published December 29, 2020, 6:31 PM
Bureau of Internal Revenue (BIR) has surpassed its collection goal for 2020 notwithstanding the unprecedented impact of the coronavirus disease to the economy.
It attributed the successful collection campaign to the relentless enforcement activities that made many business and professional taxpayers aware of the consequences if they don’t declare more or less correct gross receipts and pay the corresponding taxes.
The bureau garnered more than P1.78 trillion during the first eleven months of the year which was roughly P10 billion more than its collection assignment of P1.68 trillion for the year.
The Development Budget Coordination Committee had revised downward the original goal of P2.5 trillion to reflect realistically the effect of the pandemic on the economy.
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