BIR sees 2024 tax collection surpassing target

The Bureau of Internal Revenue (BIR) on Wednesday said it is expecting that its tax collection target for 2024 set by the Marcos administration’s economic managers will be exceeded for the first time in 20 years.

In a statement, the BIR Commissioner Romeo Lumagui Jr. said the emerging full-year tax collection figures “definitely reach the P2.848 trillion mark for 2024.”

“The exact figures will be finalized by around mid-February,” Lumagui said.

As of end-November 2024, the BIR’s revenue stood at P2.667 trillion, which was 93.64% of the P2.8-trillion target for full-year 2024.

Lumagui said that the BIR’s 2024 performance could be “the first time in 20 years that the BIR achieved its goal.”

“The BIR has collected at least P2.848 trillion for 2024, and all credit goes to the hardworking men and women of the agency’s,” said the BIR chief.

"Our dedication to Good Governance reforms, manifested by our shift to a taxpayer-oriented agency, has increased the voluntary compliance of taxpayers. This goes to show that if government agencies improve their services, processes, and programs, our countrymen will do the right thing and pay their proper share of taxes,” he added. 

—VAL, GMA Integrated News