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Miscellaneous

BIR surpasses collection target as of February 2024 Collection grew by more than 24%

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For the first two months of 2024, the Bureau of Internal Revenue (BIR), under the leadership of Commissioner Romeo D. Lumagui, Jr., was able to surpass its collection target of ₱ 445.535 Billion and increase its collection by more than 24%.

As of February 2024, the Bureau was able to collect ₱ 446.423 Billion (net of tax refund), which is higher by ₱ 87.335 Billion or 24.32% compared to tax collections for the same period last year.

For CY 2024, the BIR’s collection target was set at ₱ 3.055 Trillion, which is higher than the CY 2023 actual collections by 21.38% or ₱ 538.182 Billion.

“With the continuing intensification of the Bureau’s tax enforcement activities, specifically on the campaign against sellers and buyers of fake receipts, and with our concerted efforts to deliver excellent service to taxpayers through our digitalization projects and ISO Certification of the BIR’s frontline processes, we hope to encourage and increase voluntary compliance from our taxpayers”, said Commissioner Lumagui.

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