BURS trims tax collection forecast by P7bn

Ministry of Finance and Economic Development estimates in February indicated that the BURS was expected to rake in at least P44.4 billion across the various tax lines it collects on behalf of government.

However, since then, the coronavirus (COVID-19) has played havoc with the taxman’s projections. The collapse in business activity has meant lower corporate and income taxes, while strained consumers and disposable incomes have affected the levels of Value Added Tax (VAT) accruing to the state.