Capiz nets P47.8 million RVAT in 7 months
by Jemin B. Guillermo
Roxas City (6 September) -- The Bureau of Internal Revenue (BIR) in Capiz reached a net collection of more than P47.842 million under its reformed value added tax (RVAT).
Collection Supervisor Socorro Corros-Besa disclosed that said RVAT collection covers the period from January to July this year.
Besa said that the revenue collection of said office here during the same period this year reached more than P231.81 million.
Finance Secretary Margarito Teves earlier revealed that January to March this year, the government was able to have a net collection of P18.7 billion from the RVAT revenues.
Teves said that almost one-third of said net collection in the first quarter will be used to fund infrastructure and social services.
Among the projects that would be funded by the P6.5 billion RVAT revenues are settlement program, irrigation projects, school feeding and hunger mitigation programs as well as road construction, Teves said.
He said that the share of social services and infrastructure from RVAT revenues started at 30 percent in 2006 as mandated under Republic Act 9337, otherwise known as the RVAT law, but it will be increased by 5 percent annually until it reaches 50 percent in 2010.
On the other hand, the government remains on track with its revenue target and goal of having zero budget deficit by the end of next year.
President Gloria Macapagal-Arroyo said that the government will raise P1.236 trillion in revenues next year which is more than enough to fund the proposed budget of P1.227 trillion. (PIA) [top]