Philippine Government Exceeds 2024 Fiscal Revenue Target with Surplus

Jan.21

Philippine government exceeds fiscal revenue target in 2024, thanks to increased tax and non-tax revenue, DOF data shows.

According to a report from the Philippine News Agency on January 20, data from the Department of Finance (DOF) of the Philippines shows that the government's fiscal revenue exceeded its target in 2024, primarily due to an increase in tax and non-tax revenues.

Preliminary data released by the Department of Finance (DOF) in the Philippines showed that as of January 16, total revenue reached 4.4 trillion Philippine pesos (750 billion USD), with the Bureau of Internal Revenue (BIR) collecting 2.86 trillion pesos (490 billion USD) in taxes. BIR Commissioner Romeo Lumagui Jr. attributed the agency's surplus in the billions of pesos in 2024 to good governance and enforcement actions against false receipts, illegal tobacco, and e-cigarette transactions.

The Customs Bureau (BOC) collected taxes amounting to 916 billion pesos (15.6 billion US dollars), while total tax revenue from other departments amounted to 323.8 billion pesos (5.5 billion US dollars).

Finance Minister Ralph Recto commended the performance of the BIR and BOC.

I believe that our revenue as a percentage of GDP reached a new high of 16.5% last year, the highest in 27 years. I look forward to the BIR continuing to meet their goals by 2025, although the task for the BOC will be more challenging as we have increased their revenue target.

References:

[1] Gov't exceeds revenue collection target in 2024

Also Read:

[1] Philippines Considers Unified Tax Rate for Nicotine Products

[2] Philippines' DTI Reaffirms New Rules: E-Cigarette Products Must Hold PS Certification, Violators Face Heavy Penalties

[3] Philippine Tax Office Confirms Significant Drop in Consumption Tax

[4] Philippines DTI to Revise E-cigarette Regulations, Major Changes Expected

[5] Philippine BIR Seizes 560,000 Illegal E-Cigarettes in Nationwide Raids, $7.1 Million in Tax Evasion Detected

#Traditional tobacco #Asia #Philippines #Market.

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