Tax effort rose to 14.1% in November | Inquirer Business

Tax effort rose to 14.1% in November

By: - Reporter / @bendeveraINQ
/ 11:00 PM January 19, 2015

THE LEVEL of tax revenues as a percentage of economic output further inched up to 14.1 percent as of end-November last year on the back of robust collections, Department of Finance (DOF) data showed.

Finance Undersecretary Gil S. Beltran noted that the country’s end-November tax effort—or tax collection as a percentage of the gross domestic product (GDP)—was higher than the 13.9 percent posted in the first 11 months of 2013.

The end-November figure was also an improvement from end-September’s tax-to-GDP ratio of 14.08 percent.

Article continues after this advertisement

The DOF’s two revenue collection agencies, the Bureau of Customs (BOC) and the Bureau of Internal Revenue (BIR), both saw their collections grow during the January to November period.

FEATURED STORIES

In the case of the BOC, its end-November collections of duties and taxes jumped by 17.8 percent to P331.2 billion from P281.1 billion during the same 11-month period in 2013.

As for the BIR, tax collections from January to November grew 9 percent to P1.22 trillion from P1.12 trillion in the previous year.

Article continues after this advertisement

The country’s tax effort is on an uptrend from 13.3 percent in 2013, 12.9 percent in 2012, 12.4 percent in 2011 and 12.2 percent in 2010.

Article continues after this advertisement

The ratio of the taxes collected versus the nominal GDP in the Philippines, however, remains lower than the Asean average of 15.8 percent in 2013.

Article continues after this advertisement

Last month, Beltran said the DOF aims “to push the revenue effort further up by at least one-half percentage point of GDP.”

The Aquino administration targets to further raise the tax effort to 16.6 percent by 2016.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: BIR, collection, GDP

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.