BIR sees 20% increase in tax collection for 2007
Dumaguete City (22 January) -- Tax collection is expected to be higher by 20 percent this year.
This was disclosed by Atty. Arturo Acabal, Officer in Charge/Revenue District Officer of the Bureau of Internal Revenue (BIR) here.
Acabal is confident that tax collection will be higher this year because of the Value Added Tax.
A 2-percent VAT was added on all goods and services on February 2006 which generated negative feedback from the public.
But a year later, VAT proved to have helped the economy greatly specifically in the administrationís project to alleviate poverty, said Press Secretary Ignacio R. Bunye.
In December 2006, the BIR national office issued a memorandum to all district offices nationwide for the submission of the total VAT collection of each cities and municipalities.
This is to determine the share of the Local Government from the added tax, said Acabal.
The 20% excess from this collection will be given to the LGUs.
Acabal said his office is still preparing their collection data and has yet to submit the total collection for this year to the national office
President Arroyo congratulated the economic team for the efforts that was done to put the economy in a better state.
With this improvement, the President hopes, that more investors will come in and have more confidence on the countryís economic system that will eventually generate more jobs. (PIA) [top]