The Bureau of Internal Revenue (BIR) is confident of hitting its collection target this year despite headwinds, such as an anticipated global economic slowdown resulting from a so-called trade war triggered by US President Donald Trump’s reciprocal tariff policy.
For 2025, the BIR is aiming to collect a record-high P3.23 trillion in revenues, a mid-double digit growth from its actual collection of P2.848 trillion in 2024.
Asked if the taxman will be revising its revenue goal for the year amidst economic headwinds, BIR Commissioner Romeo Lumagui Jr. said, “We’re not expecting or we’re not looking… if there will be an adjustment on the goal or collection target.”
“But as far as we’re concerned, we’re still working on achieving the P3.23-trillion collection target… and that’s where we’re focused,” Lumagui told reporters in a chance interview on the sidelines of the annual tax filing deadline last April 15.
Trump early this month announced a wave of reciprocal tariffs affecting nearly all countries, including the Philippines, whose goods entering the US would be slapped a 17% tariff.
Trump’s trade policy is seen to trigger an economic slowdown in the world’s largest economy, thereby affecting demand for Philippine exports.
Nonetheless, Lumagui expressed confidence to hit the BIR’s collection target banking on the agency’s efforts to combat fake receipts and illicit trade.
“Well, first of all, we’re continuing our successful operations ever since our pursuit of making fake receipts. We’re focused on that. And we saw that many taxpayers stopped… which is why our collection on VAT (value-added tax) increased,” he said.
“That’s also what we’re focusing on (3:38) because we know that there are still people or taxpayers who are still making and using fake receipts,” he added.
The BIR chief added that the taxman is “still focused on illicit trades, cigarettes, and vape products, because we still receive a lot of reports involving illicit trades and selling vape products even though people know that it’s illegal and they’re hiding it.”
“So, we’re continuously monitoring all vape products, whether it’s online or physical stores,” Lumagui said.
The BIR is also putting more efforts on monitoring online transactions.
“We think that with all the hard work that our employees are doing and with the help of taxpayers who comply and fulfill their duties of paying [taxes], we think that we can [hit] this P3.23 trillion [target],” Lumagui said.
— RSJ, GMA Integrated News
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BIR sticking to P3.23-T collection goal for 2025
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