TRAIN revenue rises 65% in 1H19

The Bureaus of Internal Revenue (BIR) and of Customs (BoC) reported collection from the Tax Reform for Acceleration and Inclusion (TRAIN) higher by 65 percent in the first half this year.

This was learned from Finance Secretary Carlos Dominguez III who said the combined collection of the main collection units totaled P55.6 billion.

“This is 65 percent higher than in the same period last year. BIR and BoC exceeded their TRAIN targets by P1.8 billion and P1.7 billion respectively,” Dominguez said at the Senate hearing on the Department of Finance’s (DoF) proposed 2020 budget.

Data from the Treasury show that revenue collection from the BIR totaled P1.06 trillion as of end-June 2019 period. This compares to only P964.5 billion in the same period a year ago.

Revenues collected by the BoC likewise improved 8.45 percent to P303 billion from only P279.4 billion in the same comparable period.

The Finance chief said the tax collection in the first eight months this year grew 9.8 percent, and attest to the efficiency displayed by both the BIR and the BoC.

“BIR collection rose by 10.6 percent, translating to an additional P138.7 billion in revenues over the same period last year. On the other hand, BoC collection grew by 7.2 percent or a P27.7 billion increase from the same period of last year,” Dominguez explained.

With these numbers, Dominguez expressed optimism the trend will continue and that lawmakers will allow the remaining reform package under the Comprehensive Tax Reform Program (CTRP) quick passage and adoption.

“We are confident this growth will be sustained in the coming period through continuing administrative reforms and the completion of the (CTRP) that will make our tax system simpler, fairer and more efficient,” he said.

“In both revenue agencies, we are automating processes and strengthening control measures against slippages,” he added.