BIR optimistic to hit 2026 target despite global headwinds

The Bureau of Internal Revenue (BIR) is optimistic to hit its collection target this year despite the ongoing conflict in the Middle East, after posting a 2.97% growth in its net collections for the first two months on the back of the intensified tax administration and stricter implementation of measures.

According to the BIR, it will continue to pursue a “balanced and people-centered approach” in raising revenues needed to support national development. It earlier announced a P3.579-trillion target for the year.

“Despite global economic headwinds, the BIR remains optimistic and firmly committed to sustaining revenue growth and meeting its 2026 goals,” it said in a statement.

This comes as the BIR reported P530.055 billion in net collections for the first two months of the year, 0.43% higher than the internal collection goal of P527.775 billion, and 2.97% billion higher than the P514.748 billion the same period last year.

The BIR in January announced the resumption of tax audits, citing the broad support from the private sector. It earlier planned to have taxpayers under a default of one electronic letter of authority (eLA) per taxable year, covering all internal revenue taxes, subject to limited and clearly defined expectations. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News