Friday, 16 May 2008

Gov’t exceeds VAT target in 2007

BusinessWorld Online

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.


No comments:

Post a Comment