VAT collections reaches P23.7 billion
By Rose B. Palacio
Davao City (27 June) -- The Department of Finance said that the Expanded Value-Added Tax (EVAT) collections had reached P23.7-billion for the first four-month period (January to April), exceeding the four-month target by P6.6-billion.
Finance Secretary Margarito Teves said the EVAT collections of the Bureau of Internal Revenue reached P8.3-billion while the Bureau of Customs collected P15.4-billion, or P574-million higher than its programmed P14.8-billion net revenues.
However, the overall performance of the BIR was dampened by the sudden surge of tax claims that ate into the bureau’s income tax collection and making it miss its April target for the first time.
Although the BIR failed to meet its overall target in April, the DOF said the EVAT returns alone yielded higher-than-expected revenues during the first four months of this year.
The BIR EVAT was boosted by lower offsets of input VAT claims by VATable entities (P1.2-billion lower) and higher collections from non-VAT reforms (higher by P0.4-billion).
“The EVAT collections will ensure that tax reform program is sustainable. People want to see not just the increase in tax rate but also an increase in collection efficiency.” Finance Sec. Teves said. (PIA) [top]