BUSINESS
Advocates Philippines
Finance Secretary And Revenue Chiefs Unveil Strategies To Achieve PHP 4.3 Trillion Revenue Target In 2024
Photo credit: Department of Finance
Finance Secretary Ralph Recto, together with Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui, Jr., and Bureau of Customs (BOC) Commissioner Bienvenido Y. Rubio revealed comprehensive measures aimed at achieving the ambitious PHP 4.3 trillion revenue target for 2024.
Recto emphasized a commitment to diversifying revenue streams, moving beyond the imposition of new taxes. Instead, the government will prioritize optimizing the performance of the BIR and the BOC through enhanced creativity, transparency, and efficiency in tax and customs administration.
Facing existing economic challenges, Secretary Recto urged the Bureaus to collaborate as a cohesive team, fostering an environment that facilitates easy tax payment and eliminates trade barriers affecting the country's supply chains.
Key directives for the BIR include the immediate implementation of the Ease of Paying Taxes Act, an intensified pursuit of tax evaders, and a reinforced drive for tax compliance. For the BOC, the focus is on augmenting trade facilitation and bolstering border control measures to combat smuggling effectively.
Both Bureaus received orders to expedite the rollout of their respective digitalization initiatives, further contributing to modernization efforts. Additionally, a heightened emphasis on anti-corruption measures was stressed.
In his role at the Department of Finance (DOF), Secretary Recto reaffirmed his unwavering support as a staunch partner for the BIR and BOC. He pledged prompt action on proposed projects to enhance tax and customs administration, while simultaneously advancing initiatives aimed at fostering economic growth and expanding the tax base.
The collaborative efforts outlined in today's press conference reflect a multi-pronged approach by the government to achieve its revenue goals, balancing innovation, compliance, and strategic partnerships. As the nation grapples with economic uncertainties, these measures aim to fortify the fiscal landscape and drive sustainable growth.
Recto emphasized a commitment to diversifying revenue streams, moving beyond the imposition of new taxes. Instead, the government will prioritize optimizing the performance of the BIR and the BOC through enhanced creativity, transparency, and efficiency in tax and customs administration.
Facing existing economic challenges, Secretary Recto urged the Bureaus to collaborate as a cohesive team, fostering an environment that facilitates easy tax payment and eliminates trade barriers affecting the country's supply chains.
Key directives for the BIR include the immediate implementation of the Ease of Paying Taxes Act, an intensified pursuit of tax evaders, and a reinforced drive for tax compliance. For the BOC, the focus is on augmenting trade facilitation and bolstering border control measures to combat smuggling effectively.
Both Bureaus received orders to expedite the rollout of their respective digitalization initiatives, further contributing to modernization efforts. Additionally, a heightened emphasis on anti-corruption measures was stressed.
In his role at the Department of Finance (DOF), Secretary Recto reaffirmed his unwavering support as a staunch partner for the BIR and BOC. He pledged prompt action on proposed projects to enhance tax and customs administration, while simultaneously advancing initiatives aimed at fostering economic growth and expanding the tax base.
The collaborative efforts outlined in today's press conference reflect a multi-pronged approach by the government to achieve its revenue goals, balancing innovation, compliance, and strategic partnerships. As the nation grapples with economic uncertainties, these measures aim to fortify the fiscal landscape and drive sustainable growth.
Jan 24, 2024
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