BIR says tax collection exceeded target in August 2022 | ABS-CBN
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BIR says tax collection exceeded target in August 2022
ABS-CBN News
Published Sep 16, 2022 09:43 AM PHT
MANILA - Tax collection for the month of August has exceeded target by 4.46 percent, the Bureau of Internal Revenue said Friday.
MANILA - Tax collection for the month of August has exceeded target by 4.46 percent, the Bureau of Internal Revenue said Friday.
The agency has collected P228.938 billion (net of tax refund), higher than the goal of P219.172 billion for the month, the BIR said in a statement.
The agency has collected P228.938 billion (net of tax refund), higher than the goal of P219.172 billion for the month, the BIR said in a statement.
Compared to August 2021, this month's collection is higher by 23.03 percent, the agency said.
Cumulative collection of the BIR for January to August reached P1.559 trillion, also up by 12.25 percent compared to the same period last year, it said.
Compared to August 2021, this month's collection is higher by 23.03 percent, the agency said.
Cumulative collection of the BIR for January to August reached P1.559 trillion, also up by 12.25 percent compared to the same period last year, it said.
Economic managers have said that digitizing collection and other government processes could help improve collection that could then boost funds to support social projects and infrastructure developments, among others.
Economic managers have said that digitizing collection and other government processes could help improve collection that could then boost funds to support social projects and infrastructure developments, among others.
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With limited fiscal space, the government must ramp up its income generation efforts to deliver services to the people.
With limited fiscal space, the government must ramp up its income generation efforts to deliver services to the people.
President Ferdinand Bongbong Marcos Jr earlier said his economic agenda includes reducing debt-to-GDP ratio, among others.
President Ferdinand Bongbong Marcos Jr earlier said his economic agenda includes reducing debt-to-GDP ratio, among others.
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