By Billy Begas
The Bureau of Internal Revenue (BIR) on Monday reported to the House Committee on Ways and Means that it exceeded its target tax collection in 2020.
BIR Deputy Commissioner Arnel Guballa said the agency collected a total of P1.956 trillion in taxes, which was 16% higher than its P1.685 trillion target for last year.
The amount, however, is lower by 10.5 percent or P230.14 billion compared to the P2.186 trillion the BIR collected in 2019.
Based on 2020 BIR data, the agency collected P1.045 trillion from income tax, P351.44 billion from Value-Added Tax (VAT), P296.08 billion from Excise tax, P117.16 billion from percentage tax, and P145.73 billion from other taxes.
In 2019, the BIR collected P1.155 trillion from income tax, P406.08 billion from VAT, P317.27 billion from Excise tax, P118.70 billion from percentage tax and P143.43 billion from other taxes.
Source: Latest Politics News Today (Politics.com.ph)
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