Revenue target for 2015, set by government

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MANILA – P2.34 trillion. That is the amount the Philippine government has set as its revenue target for 2015. The amount will mainly be used to fund budgetary requirements.

Bureau of Treasury records indicate that the revenue target for next year marks a 15.8 percent increase over the goal set for 2014; furthermore, it is equivalent to 16.5 percent of gross domestic product (GDP).

The breakdown for the projected revenue for 2015 is as follows:
• Tax revenues – P2.19 trillion or 93.9 percent of the total projected revenue
• Collections remitted to the Bureau of the Treasury – for instance, the bureau’s income (P37.3 billion), fees and charges (P34.

4 billion), NG shares and dividends (P20.7 billion) and the sale of government assets (P2 billion).

Likewise, experts forecast that collections by the Bureau of Internal Revenue (BIR) will increase by 18.3 percent to P1.72 trillion next year or 12.1 percent of GDP. This increase is correlated with the agency’s more aggressive campaign versus tax evasion.

The Bureau of Customs is also expected to produce higher revenues, targeted at P456.5 billion, equivalent to 3.2 percent of GDP.

“The organizational reforms that have been institutionalized at BOC, the intensified anti-smuggling campaign, and the trade facilitation systems that have been installed are clearly breathing new life and energy into the agency,” the DBM said.