BIR confident in P3.2T tax collection target for 2025

Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. expressed confidence in meeting the P3.2 trillion tax collection target for 2025, higher than last year's P2.8 trillion.

Lumagui made this statement following President Marcos’s State of the Nation Address, where many projects were announced that the BIR aims to support with collected taxes.

The BIR chief said existing tax policies are sufficient and emphasized that strict enforcement against tax evaders is key to achieving the target without needing new tax measures.

Lumagui highlighted the recently enacted Capital Markets Efficiency Promotion Act, which standardizes interest income tax rates but will have minimal impact on overall collections, primarily aiming to encourage savings and investment among ordinary Filipinos.

The BIR chief stressed the importance of empowering citizens to save and invest in the capital market as a way to support national development efforts.