BIR eyes PHP3.23T collection target for 2025, Q1 exceeds expectations

Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. expressed confidence in reaching the PHP3.23-trillion collection target for this year, with preliminary first-quarter collections exceeding expectations.

As of end-March, revenue collections reached PHP668.8 billion, 13 percent higher than last year's PHP591.8 billion and slightly above the PHP671.99-billion goal.

Income tax collections are expected to play a significant role in helping BIR meet its target, with April’s collection target set at PHP208 billion.

Lumagui highlighted that digitalization of processes and online payment options have contributed positively to the bureau's efforts, along with crackdowns on fake receipts involving large corporations.

Despite some taxpayers still filing manually, many more are now using technology to ease their tax obligations. Those who missed the deadline will face penalties including a 12-percent interest rate, a 25-percent surcharge, and compromise charges.