Dividends collected by the national government from state-run corporations hit a record P69 billion in 2019, the Department of Finance (DOF) said.
DOF data showed remittances from government-owned and/or controlled corporations (GOCCs) jumped from P40.2 billion in 2018, P30.5 billion in 2017, and P27.7 billion in 2016.
Under Republic Act No. 7656, GOCCs are mandated to declare and remit at least half of their incomes to the national government as dividends.
On top of the record-high dividend collections, preliminary DOF data also showed the combined tax and nontax revenues collected by the bureaus of Customs, Internal Revenue and Treasury climbed to P2.9 trillion last year.
For 2020, the government wants total revenue to reach P3.5 trillion, which is equivalent to 16.7 percent of gross domestic product.
In the case of “sin” products, which included alcoholic drinks, sugar-sweetened beverages and tobacco, total collections last year amounted to P269.1 billion.
Assistant Finance Secretary Antonio Joselito Lambino II said the sin tax take was projected to reach P332.3 billion this year.
The higher sin tax collection goal was due to the implementation of RA No. 11346 that raised cigarette taxes and RA No. 11467 covering alcohol, heated tobacco and vaping products, both of which took effect last Jan. 1. INQ