Metro Manila (CNN Philippines, April 2) — The country’s tax agency has adjusted its revenue target for the year.
In the weekly economic briefing in Malacañang, the Bureau of Internal Revenue (BIR) said it aims to collect ₱2.271 trillion this 2019– lower than its initial goal of ₱2.33 trillion.
BIR in February announced it will increase its 2019 target, despite failing to reach its 2018 collection goal. The agency was able to achieve 96 percent of the assigned goal.
“We did reflect good collection for 2018 because that’s more than 10 percent increase; normally, we reflect single digit increase in collection,” BIR Deputy Commissioner Marissa Cabreros told reporters.
Cabreros said the petroleum industry had its shortfall, and that the agency failed to meet its collection target in the industries of sugary beverage and cosmetics.
The BIR told CNN Philippines the revised goal was already approved by the Development Budget Coordination Committee, but a Revenue Memorandum Order has yet to be released.
The Finance Department also told CNN Philippines that the revised target can be attributed to the 2018 performance numbers, as the agency was not able to hit its baseline target.
