End-May BIR, BOC tax take dropped 24.8% to P874.9 billion – DOF

MANILA, Philippines -- No thanks to a COVID-19-induced recession, tax collections dropped by almost a fourth year-on-year to P874.9 billion as of end-May, the Department of Finance (DOF) said Friday. In a statement, the DOF said the taxes collected by the bureaus of Customs (BOC) and of Internal Revenue (BIR) from January to May fell 24.8 percent from P1.16 trillion a year ago. The combined BOC and BIR take also fell below the adjusted P1.06-trillion target for the five-month period by 17.7 percent. Last month, the Cabinet-level Development Budget Coordination Committee (DBCC) cut this year's total tax and non-tax revenue-collection goal to P2.61 trillion, down 16.7 percent from...Keep on reading: End-May BIR, BOC tax take dropped 24.8% to P874.9 billion – DOF

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