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Finance Secretary Ralph Recto called on the Bureau of Internal Revenue and the Bureau of Customs to accelerate their digitization efforts to achieve their revenue targets for 2024
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Data from January to June 2024 reveals that the BIR collected P1.36 trillion, marking an 11.74% increase compared to last year
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The BOC also reported a 5.16% growth in collections, amounting to P455.80 billion in the first half of 2024
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The finance department said efficiency in trade operations is expected to increase with the introduction of live exchanges of electronic phytosanitary certificates with Indonesia and Thailand
Finance Secretary Ralph G. Recto has called on the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) to accelerate their digitization efforts to achieve this year’s revenue goals. This directive was issued during the agencies’ second command conference on July 10.
Preliminary data from January to June 2024 reveals that the BIR collected P1.36 trillion, marking an 11.74% increase compared to the same period last year. The BOC also reported a 5.16% growth in collections, amounting to P455.80 billion in the first half of the year.
These increases in revenue collections are primarily attributed to the agencies’ enhanced enforcement measures and ongoing digitalization initiatives, which have streamlined tax payment processes, the Department of Finance (DOF) said in a statement.
Efficiency in trade operations is anticipated to improve further with the introduction of live exchanges of electronic phytosanitary certificates with Indonesia and Thailand. Additionally, the establishment of an e-commerce portal aims to facilitate online transactions as part of broader customs modernization efforts, the finance department highlighted.
The agency added that the BIR’s tax administration and collection efficiency are expected to benefit from the completion of several digitalization projects.
These include the Online Registration Update System, the Optimized Knowledge Management for Chatbot Revie, and the enhancement of the Electronic One-Time Transaction System.
Attendees at the Finance department’s command conference included BIR Commissioner Romeo Lumagui Jr., Customs Commissioner Bienvenido Y. Rubio, and senior officials from the three agencies.
READ: Digitalization, partnerships key to a modern, transparent customs administration
