TRAIN law increased BIR and BOC collection in first 2 months

TRAIN - The implementation of the new tax reform law aided both Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC) exceed its target within the first 2 months of 2018 posting a double-digit increase in revenue collection.
In a speech during the Inter-Pacific Bar Association held in Taguig City, Finance Secretary Carlos G. Dominguez III proudly said that BIR collected Php 280.6 Billion in January – February, an estimated 17% increase vs the Php 238.71 Billion target for the period.
Compared to the same period last year, BIR collections also increased by 11% at the end of February 2018.

Meanwhile, revenue collections of the BOC also increased to Php 85.63 Billion between January-February period compared to the Php 66.8 Billion collected last year of the same period.

Dominguez said: “In the first two months of this year since the TRAIN Law was passed, we are actually collecting more revenues than expected”

“We are confident the aggressive infrastructure build-up we initiated will be adequately funded,” he added.

For the year 2018, these 2 agencies are expected to generate a revenue collection of up to Php 2.642 Trillion with BIR to raise Php 2.004 Trillion while the remaining Php 637.08 Billion is expected from BOC.

The first phase of infrastructure projects under President Duterte’s ‘BUILD, BUILD, BUILD’ program shall benefit from the strong revenue collection and to also cut budget spending in financing packages provided by the country’s development associates.

Secretary Dominguez also specified the further expansion of Pampanga’s Clark International Airport with contemporary amenities and modern passenger terminal along with the implementation of the new Philippine National Railway (PNR) 2 project that will traverse Metro Manila to Clark Airport and another PNR South Commuter Rail located in Los Baños, Laguna within this year.

From among the 75-forerunner projects under the ‘BUILD, BUILD, BUILD’ program costing Php 1.8 Trillion, majority of which are already underway on pre-construction phases, according to Finance Undersecretary Gil S. Beltran.

These notably valuable projects include the P23-billion Metro Manila Flood Management Project, co-funded by the Asian Infrastructure Investment Bank (AIIB) and the World Bank, and the P355.6-billion Mega Manila Subway funded by official development assistance (ODA) from Japan.

In Mindanao, the Davao City Bypass Road costing Php 19.8 Billion is already in its implementation stage.

In a statement, Secretary Dominguez said: “Let me just point out that our debt as a percentage of our GDP (Gross Domestic Product) has been on a steady decline. When we took over, it was something like 43%”

“Even though we borrowed more during the interim from when the time this new administration took over, the debt as a percentage of GDP is now just slightly over 41 percent. And we can see that declining over the years,” Dominguez added.


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