The Bureau of Internal Revenue (BIR) posted a 15.34-percent increase in revenue collections in November to P157.3 billion, against P136.37 billion during the same month last year.
In a report to Finance Secretary Carlos G. Dominguez III, the BIR said: “The collection increase was attributed mainly to the agency’s streamlined processes that have improved efficiency in monitoring and collecting taxes, particularly the reduction of documentary requirements for one-time transactions [ONETT] and monitoring of process workflow of the agency’s offices.”
The agency’s total collections from January to November has reached P1.454 trillion, which is P127.41 billion higher than collections during the same period last year. This shows a 9.6-percent increase in its year-to-year collection, according to the BIR report.
In earlier reports, the BIR and the Philippine Charity Sweepstakes Office (PCSO) is set to iron out details of the latter’s settlement of its payment deficiency on Documentary Stamp Taxes (DST) from 2006 to 2014.
In August 2016 the PCSO remitted to BIR P1.34 billion as part of its payment for the 2008 deficiency in DST on its Small Town Lottery (STL) operations.
The national government, through the BIR, is expected to raise an additional P3.8 billion from PCSO’s settlement of P2.8 billion by December 31, 2016, and P1 billion on June 30, 2017.
PCSO Chairman Jose Jorge E. Corpuz and General Manager Alexander Balutan will discuss on Monday with Internal Revenue Commissioner Caesar R. Dulay the details of the settlement of PCSO’s deficiency documentary stamp taxes for the period 2006-2014.
“The BIR-approved tax settlement is part of the agency’s good housekeeping and intended to support President Duterte’s socioeconomic agenda for the poorest of the poor and the marginalized,” Corpuz said.