Income tax collections reach over P500B from Jan-June
Tax reform has done wonders for public funds.
The Bureau of Internal Revenue (BIR) is getting more taxes than it expected following the passage of the Tax Reform for Acceleration and Inclusion (TRAIN) law.
Despite the reduction in income tax rates, total collections still broke records to hit P500.6 billion from January to June 2018. This is well above the P489.5 billion collected during the same period in 2017, and beats the agency’s P450.4-billion estimate.
This is padded by P179.9 billion in value-added tax collections and P44.2 billion from percentage tax.