Excise tax collections of the Bureau of Internal Revenue from large taxpayers reached P128.59 billion in the first half, exceeding its adjusted target of P113.64 billion for the period by P14.95 billion, or 13.15 percent, despite the economic downturn triggered by the coronavirus pandemic.
Revenue collection targets in 2020 were adjusted to take into account the impact of the COVID-19 outbreak on economic activity.
The BIR said Monday while it surpassed the first-semester target on excise tax collections, the amount was P41.13 billion or 24 percent short of the P169.718 billion it collected in the same period last year.
Preliminary data submitted to the Department of Finance showed that tobacco products led the gainers in terms of excise tax collections from large taxpayers, with P61.47 billion collected over the period, surpassing the BIR’s target of P43.6 billion by P17.87 billion or P41 percent.
Excise tax collections for alcohol products from large taxpayers amounted to P27.46 billion, which is P6.51 billion or 31.07 percent over the target of P20.95 billion.