BIR collections breach target due to TRAIN
The tax reform law is making good gains for the government.
The Bureau of Internal Revenue (BIR) has been smashing records as it reported to have surpassed its collection targets for March and for the first quarter of 2018.
The BIR collected P130.33 billion in taxes for March, well above the P119.63 billion goal and the P117.35 billion collected in 2017.
For the first three months, total collections hit P422.59 billion, jumping by 14 percent from the P370.61 billion raised in January-March 2017.
This also went beyond the P361.77 billion revenue target for the quarter.
The government attributes the higher than expected collections to the implementation of the tax reform law, which took effect January 1.