Metro Manila (CNN Philippines, April 29) — The Bureau of Internal Revenue aims to collect ₱2.26 trillion this year amid the coronavirus pandemic, ₱316 billion less than its initial target for 2020.
The previous target was ₱2.576 trillion, which was set by the Department of Finance in mid-January.
In a memorandum dated April 27, the BIR said the revised collection goal includes over ₱2.2 billion for its operations and nearly ₱54.6 billion for non-BIR operations.
The DOF said earlier this month that the BIR only hauled ₱455.45 billion from January to March, which was ₱13.41 billion short of the intended collection for the period.
This, along with the decline in collections of the Bureau of Customs, brought down government revenues in the first quarter of 2020 to ₱600.6 billion, nearly 21 percent less than the target for January to March.
READ: DOF: Q1 2020 revenues ₱156B short of ₱757B collection target due to lockdown
BIR previously announced an extension of most tax payment deadlines, including annual income tax returns until May 30 in line with the Luzon-wide lockdown’s initial extension until April 30.
The enhanced community quarantine on the National Capital Region, Central Luzon, Calabarzon and other high-risk provinces in Luzon has since been extended to May 15. Low- and moderate-risk areas, on the other hand, have been placed under general community quarantine until mid-May.
