BURS exceeds collection target by P1bn

The tax agency’s latest annual report, released on Monday, shows that total revenue collected for the 2016-2017 financial year was P3.5 billion higher than the original target for the year of P32.3 billion.

Data in the report shows that income tax collected for the year was P17.7 billion against a target of P15.7 billion, while VAT collected was P6.3 billion against a target of P7.5 billion. Customs revenues received were P11.7 billion against a target of P11.5 billion.