RP's 9-month corporate income tax collection up 29%
Quezon City (30 October) -- The government said tax collection from both local and foreign companies operating in the Philippines grew 29 percent from a year earlier, helped by higher corporate income tax rates under the new value added tax (VAT) law.
Data from the Bureau of Internal Revenue (BIR) showed that taxes on net income and profit collected from companies and corporate enterprises reached P144.45 billion from January to September this year, higher than the P114.86 billion collected in the same period last year.
Incomes taxes voluntarily paid by companies grew 32.9 percent to P68.55 billion during the first nine months of the year from P51.58 billion in the same period last year. The amount was also P18.51 million more than the goal of P68.53 billion. (PIA) [top]