MANILA, Philippines – The Department of Finance has released data which shows that the government’s collection of income tax from both private and corporate taxpayers has fallen below the target for January to September of 2014.
Income collected from corporate and individual income taxes over the nine-month period totaled P585.58 billion, as compared to the target of P641.32 billion. The amount collected is 8.7-percent lower than the target. However, it is 6-percent higher than the P538.98 billion collected in the same nine-month time frame in 2013.
Analysts with the administration anticipate that corporate and personal income tax collections would amount to P975.5 billion for the whole of 2014, marking a 19.5-percent growth in tax revenue. Of this amount, it is expected that approximately P370 billion would come from individual taxpayers and about P695.5 billion would be paid by corporations.