The Department of Finance (DOF) reiterated that the state of government tax collections is performing well despite business deterioration due to COVID-19 pandemic.
Finance Secretary Carlos Dominguez announced that the collection of taxes from January 1 to September has already reached to P1.821 trillion.
This is 8.26 percent higher than their P1.682 trillion projection.
At the same time, Sec. Dominguez added that the economy should reopen so that the business sector can recover from their loss.
“I’m happy to report ho na our collections — we have three sources of funds in the Philippines. The first source of course is the taxes, okay? From Jan — the — from January 1 to September 31, BIR and Bureau of Customs were able to collect 1.821 trillion pesos. That is higher than our estimate of 1.682 trillion. So we are 8.26 percent over our estimate. So our collections are good. The BIR and the BOC are doing there — a good job. Of course, the total collections compared to last year are lower kasi mas less ang business activity Ngayon,” Sec. Dominguez says.
