Wealth tax debate reignites as BURS targets P48bn
Friday, March 04, 2022 | 3450 Views |

Aiming higher: The BURS is tightening its tax collections PIC: MORERI SEJAKGOMO
The tax target for the upcoming financial year is compared to the P42 billion the BURS was charged with collecting in the 2021-2022 financial year. By December, the tax agency had raked in P38.5 billion, setting it on course to reach the target.
Finance ministry documents indicate that of the total taxes due in the upcoming financial year, P8.5 billion are classified as assessed income taxes, which include the taxes filed by individuals and companies through tax returns. Value Added Tax is expected to increase to P11.2 billion in the upcoming financial year, compared to P10.8 billion in 2021-2022.
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