BIR, Customs collections higher in January

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BIR, Customs collections higher in January - Recto

_{//business-finance.news-articles.net/content/202 .. customs-collections-higher-in-january-recto.html}
^{Published in Business and Finance on Friday, February 21st 2025 at 12:20 GMT by manilatimes}

REVENUE collections improved last month, a Cabinet official said, with the Bureau of International Revenue (BIR) and Bureau of Customs (BOC) both posting year-on-year gains.

The Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) reported higher revenue collections in January, according to Finance Secretary Ralph Recto. The BIR collected P245.7 billion, marking a 27.4% increase from the previous year, while the BOC saw a 4.7% rise, collecting P88.1 billion. These figures surpassed the targets set for January, with the BIR exceeding its goal by P21.7 billion and the BOC by P1.1 billion. The increase in BIR collections was attributed to higher revenues from value-added tax, income tax, and other taxes, while the BOC's growth was driven by increased imports of oil, vehicles, and iron and steel. This performance reflects a robust start to the year for government revenue, aiding in funding national development programs.

Read the Full manilatimes Article at:
[ https://www.msn.com/en-ph/news/money/bir-customs-collections-higher-in-january-recto/ar-AA1zwYh2 ]

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