The Bureau of Internal Revenue and Bureau of Customs said Monday they surpassed their respective collection targets set by the Development Budget Coordination Committee for 2020.
A report to Finance Secretary Carlos Dominguez III showed the two agencies collected a combined P2.43 trillion last year despite the severe economic downturn resulting from the COVID-19 pandemic. This was P246.39 billion or 11.27 percent over the P2.187 trillion revised target set by the DBCC on July 23.
Finance Assistant Secretary Dakila Elteen Napao said the BIR collected P1.899 trillion in 2020, while the BOC raised P533.88 billion. Napao said the BIR’s 2020 collection was P213.84 billion or 12.68 percent in excess of the revised DBCC target of P1.685 trillion for the year
The BOC’s collection, meanwhile, was over P32.55 billion or 6.49 percent more than the revised DBCC goal of P501.33 billion, he said.
The original combined collection target for the two agencies was P3.255 trillion for 2020 that was set by the DBCC in December 2019.