Government agencies should collect P11.7 billion daily in 2024 to partially fund the P5.767-trillion national budget, according to Finance Secretary Ralph Recto.
Revenue collection is expected to remain lower than the government’s average daily expenditure of P15.8 billion, with the balance coming from borrowings.
Recto said government revenues are needed to support infrastructure projects and social services like education, health and social protection programs, including assistance for at least 12 million poor and low-income families.
He said to support these programs, the public should fulfill their civic duty by promptly filing their tax returns and paying the correct amount before the April 15 deadline. He said settling taxes is now simpler than ever as the government has streamlined the filing and payment process.
“I urge everyone to be responsible in accomplishing this to avoid any penalties that may arise from failing to do so. You have an indispensable role to play in our nation’s progress. Our ability to steer the country forward is largely dependent on your cooperation,” Recto said.
Recto, who took office in mid-January, faces the challenge of raising P4.3 trillion in revenue, with the Bureau of Internal Revenue (BIR) responsible for collecting P3.05 trillion.
“These revenues will fuel our economic engine towards Bagong Pilipinas—a more inclusive and sustainable Philippine economy marked by lower poverty rates; increased infrastructure and human capital investments; more quality jobs for our people; and improved public services,” he said.
He cited the importance of promoting a user-friendly tax filing and payment system through digitalization to improve tax administration and encourage compliance.
The BIR’s implementation of the Ease of Paying Taxes (EOPT) Act, signed into law on Jan. 5, 2024, simplifies tax return filing and payments through online channels and authorized agent banks (AABs).
Individual and business taxpayers can now avoid long lines at BIR offices by filing and paying taxes through the BIR portal and designated banks.
To accommodate more taxpayers and expedite processing, the BIR instructed AABs to operate on Saturdays, April 6 and 13, and extend banking hours to 5 p.m. until April 15.
The BIR also introduced additional payment channels through e-wallets like Maya and online payment portals like Landbank Link.BizPortal and MyEG, a provider of e-government solutions and payment services.
The BIR E-Filing Tax Assistance Center is open until April 15 at the BIR National Training Center (NTC) Auditorium to provide additional support to taxpayers.