BIR eyes to collect P2.08-T in taxes in 2021

The Bureau of Internal Revenue (BIR) is targeting to collect around P2.08 trillion in taxes in 2021, which will be used to fund the government’s efforts to address the COVID-19 pandemic and support the country’s economic recovery.

The BIR revealed the tax collection goal during the virtual National Tax Campaign Kickoff on Wednesday.

In his remarks, Finance Secretary Carlos Dominguez III expressed confidence that the BIR will be able to overshoot its collection target this year.

Dominguez said the digitalization initiatives put in place by the BIR along with its improved administrative systems and dedicated workforce, will enable the bureau to achieve its 2021 collection goal.

“Now more than ever, the whole nation relies on the BIR’s bold commitment to provide the revenues needed to support our people and push our country forward towards a strong economic recovery,” Dominguez said.

“I have no doubt that the [BIR’s] target will not be just met, but will be exceeded again,” he added.

In 2020, the BIR exceeded its revised collection target of P1.69-trillion by 15.14% as it collected P1.94 trillion last year despite the challenges brought by the COVID-19 pandemic. 

“That accomplishment goes a long way in reinforcing our fiscal position,” Dominguez said.

Last year, 85% of total tax payments was coursed through electronic channels, while almost 100 percent of tax returns were filed online, which are both indications of an “irreversible trend,” according to the Finance chief.

“The pandemic fast-tracked the application of new technologies for tax payments and settlements. The BIR was not behind in this transformation,” he said.

Dominguez said the BIR’s digital transformation program will be “fully functional and irreversible” to ensure the agency’s much improved services and highly efficient collection performance, which are both critical to the country’s sustainable recovery from the pandemic. — BM, GMA News