DBCC sees above-target revenue for this year

The Development Budget Coordination Committee on Friday said it expects the national government to surpass the revenue target for this year which was set during the committee's meeting in April.

The total revenue collection for this year is estimated to reach P3.84 trillion to P3.90 trillion, higher than the P3.73 trillion pegged by the DBCC in its April meeting. Tax-based revenue is expected to range from P3.50 trillion to P3.55 trillion.

The total growth projection was based on the revenue data for the first nine months, and reforms and other efforts by agencies related to revenue generation and collection.

DBCC said emerging revenue efforts for this year could reach 15.7 percent, higher than the government target of 15.3 percent under its Medium-Term Fiscal Framework and 15.2 percent from the DBCC meeting in April.

From January to September, DBCC said total revenues amounted to P2.84 trillion, up by 6.8 percent from the target for this period.

"Both tax and non-tax revenues registered positive growth at 6.4 and 10.5 percent, respectively," DBCC said.

Actual revenue collections increased by 3 percent as the Bureau of Customs or BOC saw a higher total collection at P152.57 billion.

To improve revenue collection, DBCC said the Bureau of Internal Revenue and the BOC continue to enhance and quickly implement their digitalization programs for increased transparency of government transactions and faster payment of taxes.

DBCC also vowed to continue discussions with lawmakers to create efficient tax policies. The budget committee said it supports tax reforms on mining and real estate, and the military and uniformed personnel pension reform bill.

It is also looking into other revenue sources, including excise tax on single-use plastics and motor-vehicle road users, excise tax on sweetened beverages and junk foods, tax on pre-mixed alcohol, value-added tax on digital service providers, and carbon tax.