Government collection revenues increased in the year's first nine months, with the two leading tax agencies recording surplus earnings.
The Department of Finance said the Bureau of Internal Revenue (BIR) recorded a double-digit growth while the Bureau of Customs (BOC) posted a 4-percent rise during the year's first three quarters.
Preliminary data from January to September 2024 showed that the BIR has already collected P2.08 trillion, a 12.13% increase from last year.
The BOC collection, meanwhile, amounted to P690.84 billion, 4.61% higher than last year.
The DOF said Finance Secretary Ralph Recto convened the fourth BIR and BOC Command Conference on Oct. 9 to assess the agencies' collection performance and discuss plans and strategies for 2025.
BIR Commissioner Romeo Lumagui, Jr., BOC Commissioner Bienvenido Rubio, and their respective senior officials attended the meeting.
The total revenue collection target for this year is P4.3 trillion.
The BIR will generate the bulk of the tax revenues, amounting to P3.05 trillion, while Customs is expected to collect nearly P1 trillion.
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