Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. confirmed that the agency has not only reached its (Development Budget Coordination Committee) DBCC collection goal for 2024, a first after twenty (20) long years, it will also exceed its collection goal by the billions. A surplus of billions is expected to be added to its collection for 2024, after final reconciliation is made by early February 2025. The BIR has a 2024 collection goal of Php 2.848 Trillion, as approved by the DBCC last March 2024.
“The BIR will exceed its 2024 DBCC Collection Goal by the billions. We are still waiting for the final numbers to be reconciled by early February, but we are certain that we have exceeded our target by the billions” Commissioner Lumagui stated.
Commissioner Lumagui reported last week that the BIR has reached its 2024 DBCC collection target, ending a 20-year drought for the agency. Since his appointment in 2022, Commissioner Lumagui has focused on his Four Pillars of Good Governance. This is comprised of 1.) Fearless and Aggressive Enforcement Activities, 2.) Excellent Taxpayer Service, 3.) Integrity and Professionalism of the Institution and its Employees, and 4.) Digitalization.
Through his programs of Good Governance, coupled with his enforcement activities against Ghost Receipts and Illicit Trade of Cigarettes and Vape Products, the BIR has billions in surplus collection for 2024. This means that the National Government will have to borrow less from creditors to maintain its 2025 budget.
“The billions in surplus BIR collections for 2024 means that the National Government can borrow less money to maintain the 2025 Budget. This is a win for the Filipino People, and for future generations of Filipinos who will inherit less national debt than the current generation” Commissioner Lumagui stated.
