Friday, 16 May 2008

Gov’t exceeds VAT target in 2007

BusinessWorld Online
http://www.bworldonline.com/BW051608/content.php?id=055

THE VALUE ADDED TAX (VAT) generated P88.3 billion in revenues for the entire 2007, about P51 million more than the P88.88-billion target and higher than the 2006 collection of P13.9 billion, the Department of Finance said in a statement yesterday.

The Bureau of Internal Revenue (BIR), which accounts for about 70% of total government revenues, collected P31.7 billion against a P4.2-billion target, while the Bureau of Customs (BoC) collected P57.2 billion — falling short of its target by P4.1 billion.

BIR collected 46.8% more than the P21.6 billion in 2006, while BoC collected 3.5% more than the P55.2 billion.

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