FINANCE Secretary Benjamin Diokno expressed optimism that the government will surpass its revenue goal for this year, banking on the higher state collections in the first five months of the year.
“On the fiscal side, I am pleased to report that our revenue collections for the first five months of the year improved to P1.6 trillion, up by P155.6 billion or 10.8% compared to the same period last year,” Diokno said.
Data from the Department of Finance (DOF) showed that revenues from January to May 2023 stood at P1.592 trillion, 10.83% higher than the P1.437 trillion collected last year.
With the higher collections as of end-May this year, the Finance chief said, “I think full year, yes… We will surpass our target.”
The Development Budget Coordination Committee is expecting government revenues to reach P3.73 trillion for 2023.
Broken down, tax collections accounted for the bulk of the state revenues amounting to P1.41 trillion, up 9.71% from P1.3 trillion year-on-year.
The Bureau of Internal Revenue (BIR) contributed the bulk of tax revenues during the period as it collected P1.054 trillion, up 9.95% from P959 billion collected in the same period last year.
The Bureau of Customs (BOC) saw its collections improve by 12.1% to P359.3 billion from P320.5 billion year-on-year.
Meanwhile, non-tax collections, which include the income from the Bureau of Treasury and privatization proceeds, stood at P178 billion, up 20.56% from P147.7 billion a year earlier.
Diokno attributed the higher revenues during the January to May period to improved tax administration.
“I think they are motivated, they run after fake receipts,” he said, adding that the BIR has an ongoing campaign against fake receipts.
Last week, the BIR filed with the Department of Justice a criminal complaint against three companies for alleged tax evasion through the use of fake receipts, with an estimated tax liability of around P18 billion in total, including penalties and interest. (GMA Integrated News)
