BIR, BOC overshoot DBCC revenue targets in 2020

National, News

MANILA – The Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC) have collected a combined P2.43 trillion in 2020 despite the economic downturn resulting from the Covid-19 pandemic.

A report by the Department of Finance (DOF) Revenue Operations Group (ROG) to Finance Secretary Carlos Dominguez III shows last year’s collection of the two agencies amounted to P246.39 billion or 11.27% over the P2.187-trillion revised target set by the Development Budget Coordination Committee (DBCC) on July 23 last year.

For 2020, the BIR collected P1.899 trillion while the BOC reported collections of P533.88 billion, Finance Assistant Secretary Dakila Elteen Napao of the ROG said in his report during a recent DOF Executive Committee (Execom) meeting.

Napao said the BIR’s 2020 collection was P213.84 billion, or 12.68% in excess of the revised DBCC target of P1.685 trillion for the year

The BOC’s collection exceeded by PHP32.55 billion or  6.49% the revised DBCC goal of P501.33 billion, he added.

The original combined collection target for the two agencies was P3.255 trillion for 2020 that was set by the DBCC in December 2019.

The target was revised twice in May and July 2020 to reflect the economic realities resulting from the growth slump caused by the pandemic.

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