NextGen Day

MANILA – Finance Secretary Carlos Dominguez III has emphasized the need for the Bureau of Internal Revenue (BIR) to continue modernizing, citing benefits from prior steps that helped meet requirements during the pandemic.

Dominguez claimed BIR’s digitalization program had improved tax collection in his speech at the BIR tax campaign kickoff 2022 on Thursday, which was streamed live on the bureau’s Facebook page.

These joint efforts, he said, “have enlarged (the) tax base and simplified the process of revenue collection,” in addition to the overall tax reform initiative.

“Even before the pandemic hit, the Bureau of Internal Revenue’s full transformation to digitization allowed us to continue operating effectively.” We were able to support our additional emergency and health measures to combat the pandemic with the money we raised mostly through digital channels. Despite a greater expenditure program, our improved revenue performance allowed us to retain fiscal discipline,” Dominguez added.

Improved revenue collections, he noted, supplied the necessary funding for social protection and infrastructure programs, boosting the domestic economy’s capabilities.

Dominguez believes that if not for the virus-induced epidemic, the economy would have achieved another milestone by 2020: reaching upper-middle-income status.

Although this aim will be postponed for a while, he believes it is still achievable now that the economy has begun to improve.

Because of pandemic-related spending, the government’s budget shortfall and the debt-to-GDP ratio grew, according to Dominguez, “but both remain sustainable, and we are determined to return promptly to fiscal consolidation.”

“Improving our income collections to match our expenditure obligations,” he stated, is a key component of the fiscal consolidation approach.

“This is a pivotal year. “By recovering our strong growth, we can begin to outrun our debt,” he continued.

Dominguez emphasized the importance of increasing funding for infrastructure modernization, public health, and social services, as well as “to reconstruct the communities that have been affected by catastrophic weather events induced by climate change.”

“It’s crucial to focus this year’s tax campaign on the bureau’s continuous modernization efforts, as well as the critical role taxpayers play in our country’s recovery and progress,” he said.

Taxpayers must understand their “duty to ensure that our country moves forward through their prompt and correct payment of taxes,” according to the DOF chief, and the bureau must “continue making progress in applying digital technologies to all of its processes for greater transparency and convenience for our clients.”

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