NextGen Day

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Given the ongoing recovery of the local economy, financial officials are hopeful about the achievement of the Bureau of Internal Revenue’s (BIR) PHP2.6 trillion revenues this year.

Finance Secretary Benjamin Diokno explained the term “tax elasticity” in an interview following the BIR’s Tax Campaign launch on Tuesday at the Philippine International Convention Center (PICC) in Pasay City.

Revenues increase in direct proportion to economic strength, he claimed.

The BIR exceeded its PHP2.1 trillion income target in 2022 by more than PHP500 billion, which officials attributed to the economy’s ongoing reopening, which accelerated its recovery.

When asked if the government would continue to implement subsidy programs in light of the domestic inflation rate reaching a new 14-year high of 8.7 percent in January, Diokno responded that it would depend on the situation. He added that this time, the acceleration of inflation was caused by the availability of food rather than oil prices.

He said that the national budget included provisions for this purpose and said, “We will build a program that would handle that.”

BIR Commissioner Romeo Lumagui Jr. stated in a post-event interview with journalists that the agency’s ongoing digitalization program enhancement and other services are anticipated to help increase collections this year.

“We will give good taxpayer service, (and) focus on delivering convenience for the taxpayers because that’s what we’re here for, public service,” he declared.

We’re serious about that, he continued.

In order to make the BIR’s internal and external processes simpler for taxpayers, Lumagui stated that the BIR will also hasten the achievement of its digitalization program, which is slated through 2023, “as soon as possible.”

“And of course ang expectations natin dyan (our expectations there),” he continued, “is that the taxpayers would truly voluntarily comply with their tax duties once we are able to accomplish that, once we are able to provide convenience.”

When asked about how the anticipated US economic downturn would affect government revenues, the BIR chairman responded that tax collections would undoubtedly be impacted.

However, Lumagui claimed that the organization is dealing with its effects through a number of initiatives and activities.

He continued, “With all of our efforts and the support we’re receiving, we will unquestionably strive even harder to achieve whatever we need for the collection target.

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Cebuano English Filipino