{"id":18556,"date":"2024-05-02T03:02:00","date_gmt":"2024-05-02T03:02:00","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/no-need-to-revise-revenue-targets-yet-finance-chief\/"},"modified":"2024-05-02T03:02:00","modified_gmt":"2024-05-02T03:02:00","slug":"no-need-to-revise-revenue-targets-yet-finance-chief","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/no-need-to-revise-revenue-targets-yet-finance-chief\/","title":{"rendered":"No need to revise revenue targets yet \u2014 Finance chief"},"content":{"rendered":"
\n

THERE IS NO NEED to revise <\/span>revenue targets yet as the government is still on track to meet its f<\/span>iscal targets on the back of efforts to enhance tax administration, Finance Secretary Ralph G. Recto said.<\/p>\n

\u201cOur revenue collection today seems to be on target. No need to revise it yet,\u201d Mr. Recto told reporters on Monday.<\/p>\n

Latest data from the Treasury showed that the National Government\u2019s budget gap widened by 0.65% to P272.6 billion in the f<\/span>irst quarter, as state revenues jumped by 14.05% to P933.7 billion.<\/p>\n

Broken down, tax revenues rose by 12.83% to P820.3 billion as Bureau of Internal Revenue (BIR) collection climbed by 17.15% to P591.8 billion and Bureau of Customs (BoC) collections went up by 2.35% to P218.9 billion.<\/p>\n

This year, the government is expected to generate P4.3 trillion in revenues, equivalent to 16.1% of gross domestic product (GDP).<\/span><\/p>\n

Mr. Recto said he will meet with BIR and Customs officials soon to discuss revenue targets for this year and until 2028.<\/p>\n

He noted that the BIR\u2019s collections are \u201cpretty good\u201d so far. The agency is responsible for generating about 70% of the government\u2019s revenues.<\/p>\n

\u201cIf you follow that growth rate, there\u2019s no need to borrow more. We\u2019re hitting the targets. We hope that continues all the way up to the end of the year,\u201d Mr. Recto added.<\/p>\n

The BIR is expected to raise P3.055 trillion this year.<\/p>\n

EYE ON E-COMMERCE
\n<\/b>Mr. Recto said they are also looking for ways to better tax the digital economy. In 2023, the digital economy contributed 8.4% to the country\u2019s GDP or equivalent to P2.05 trillion.<\/p>\n

\u201cWe have to be able to collect those taxes in e-commerce. It\u2019s harder to collect from them. That will be part of our strategy,\u201d Mr. Recto said.<\/p>\n

One of the Finance department\u2019s priority measures is the bill seeking to impose a 12% value-added tax on digital transactions. Senators are set to hold plenary debates on the measure.<\/span><\/p>\n

The BIR also recently issued a revenue regulation which imposes a withholding tax on the gross remittances made by electronic marketplace operators and digital f<\/span>inancial services providers to sellers and merchants.<\/p>\n

\u201cIt\u2019s important that we\u2019re able to catch up with how consumers behave and that we\u2019re able to collect taxes and revenues through digital platforms as well,\u201d Mr. Recto added.<\/p>\n

Apart from tax collection, Mr. Recto said the department is also looking at ramping up nontax revenues through privatization, Treasury income and dividends.\u00a0<\/span><\/p>\n

The Finance chief recently ordered government-owned or -controlled corporations (GOCCs) to increase the mandatory dividend remittances to 75% of their annual net earnings in 2023 from 50% previously.<\/p>\n

Mr. Recto said he is also looking to continue to implement the higher remittance rate in the coming years.<\/p>\n

Data from the Department of Finance showed that dividend collections from GOCCs surged to P39.8 billion as of April 24 from P8 billion a year earlier. \u2014 Luisa Maria Jacinta C. Jocson<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THERE IS NO NEED to revise revenue targets yet as the government is still on track to meet its fiscal targets on the back of efforts to enhance tax administration, Finance Secretary Ralph G. Recto said. \u201cOur revenue collection today seems to be on target. No need to revise it yet,\u201d Mr. Recto told reporters [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,138,11916,1133,15255,17656,13945,11,993],"class_list":["post-18556","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-chief","tag-finance","tag-need","tag-revenue","tag-revise","tag-targets","tag-years","tag-yet"],"yoast_head":"\nNo need to revise revenue targets yet \u2014 Finance chief - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/no-need-to-revise-revenue-targets-yet-finance-chief\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No need to revise revenue targets yet \u2014 Finance chief - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THERE IS NO NEED to revise revenue targets yet as the government is still on track to meet its fiscal targets on the back of efforts to enhance tax administration, Finance Secretary Ralph G. Recto said. \u201cOur revenue collection today seems to be on target. No need to revise it yet,\u201d Mr. Recto told reporters [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/energybuzz.ph\/no-need-to-revise-revenue-targets-yet-finance-chief\/\" \/>\n<meta property=\"og:site_name\" content=\"Energy Buzz\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-02T03:02:00+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/no-need-to-revise-revenue-targets-yet-finance-chief\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/no-need-to-revise-revenue-targets-yet-finance-chief\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/person\\\/344f8dbaaecf75e51367eef93f492892\"},\"headline\":\"No need to revise revenue targets yet \u2014 Finance chief\",\"datePublished\":\"2024-05-02T03:02:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/no-need-to-revise-revenue-targets-yet-finance-chief\\\/\"},\"wordCount\":489,\"publisher\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\"},\"keywords\":[\"bworldonline\",\"chief\",\"finance,\",\"need\",\"revenue\",\"revise\",\"targets\",\"years\",\"yet,\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/no-need-to-revise-revenue-targets-yet-finance-chief\\\/\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/no-need-to-revise-revenue-targets-yet-finance-chief\\\/\",\"name\":\"No need to revise revenue targets yet \u2014 Finance chief - Energy Buzz\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#website\"},\"datePublished\":\"2024-05-02T03:02:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/no-need-to-revise-revenue-targets-yet-finance-chief\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/energybuzz.ph\\\/no-need-to-revise-revenue-targets-yet-finance-chief\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/no-need-to-revise-revenue-targets-yet-finance-chief\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"No need to revise revenue targets yet \u2014 Finance chief\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#website\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/\",\"name\":\"Energy Buzz\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/energybuzz.ph\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\",\"name\":\"Energy Buzz\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/EnergyBuzzLogo.png\",\"contentUrl\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/EnergyBuzzLogo.png\",\"width\":1315,\"height\":656,\"caption\":\"Energy Buzz\"},\"image\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/person\\\/344f8dbaaecf75e51367eef93f492892\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"No need to revise revenue targets yet \u2014 Finance chief - Energy Buzz","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/energybuzz.ph\/no-need-to-revise-revenue-targets-yet-finance-chief\/","og_locale":"en_US","og_type":"article","og_title":"No need to revise revenue targets yet \u2014 Finance chief - Energy Buzz","og_description":"THERE IS NO NEED to revise revenue targets yet as the government is still on track to meet its fiscal targets on the back of efforts to enhance tax administration, Finance Secretary Ralph G. Recto said. \u201cOur revenue collection today seems to be on target. No need to revise it yet,\u201d Mr. Recto told reporters [\u2026]","og_url":"https:\/\/energybuzz.ph\/no-need-to-revise-revenue-targets-yet-finance-chief\/","og_site_name":"Energy Buzz","article_published_time":"2024-05-02T03:02:00+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/energybuzz.ph\/no-need-to-revise-revenue-targets-yet-finance-chief\/#article","isPartOf":{"@id":"https:\/\/energybuzz.ph\/no-need-to-revise-revenue-targets-yet-finance-chief\/"},"author":{"name":"admin","@id":"https:\/\/energybuzz.ph\/#\/schema\/person\/344f8dbaaecf75e51367eef93f492892"},"headline":"No need to revise revenue targets yet \u2014 Finance chief","datePublished":"2024-05-02T03:02:00+00:00","mainEntityOfPage":{"@id":"https:\/\/energybuzz.ph\/no-need-to-revise-revenue-targets-yet-finance-chief\/"},"wordCount":489,"publisher":{"@id":"https:\/\/energybuzz.ph\/#organization"},"keywords":["bworldonline","chief","finance,","need","revenue","revise","targets","years","yet,"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/energybuzz.ph\/no-need-to-revise-revenue-targets-yet-finance-chief\/","url":"https:\/\/energybuzz.ph\/no-need-to-revise-revenue-targets-yet-finance-chief\/","name":"No need to revise revenue targets yet \u2014 Finance chief - Energy Buzz","isPartOf":{"@id":"https:\/\/energybuzz.ph\/#website"},"datePublished":"2024-05-02T03:02:00+00:00","breadcrumb":{"@id":"https:\/\/energybuzz.ph\/no-need-to-revise-revenue-targets-yet-finance-chief\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/energybuzz.ph\/no-need-to-revise-revenue-targets-yet-finance-chief\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/energybuzz.ph\/no-need-to-revise-revenue-targets-yet-finance-chief\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/energybuzz.ph\/staging\/6915\/"},{"@type":"ListItem","position":2,"name":"No need to revise revenue targets yet \u2014 Finance chief"}]},{"@type":"WebSite","@id":"https:\/\/energybuzz.ph\/#website","url":"https:\/\/energybuzz.ph\/","name":"Energy Buzz","description":"","publisher":{"@id":"https:\/\/energybuzz.ph\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/energybuzz.ph\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/energybuzz.ph\/#organization","name":"Energy Buzz","url":"https:\/\/energybuzz.ph\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/energybuzz.ph\/#\/schema\/logo\/image\/","url":"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2023\/09\/EnergyBuzzLogo.png","contentUrl":"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2023\/09\/EnergyBuzzLogo.png","width":1315,"height":656,"caption":"Energy Buzz"},"image":{"@id":"https:\/\/energybuzz.ph\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/energybuzz.ph\/#\/schema\/person\/344f8dbaaecf75e51367eef93f492892","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/energybuzz.ph\/staging\/6915\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/posts\/18556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/comments?post=18556"}],"version-history":[{"count":0,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/posts\/18556\/revisions"}],"wp:attachment":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/media?parent=18556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/categories?post=18556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/tags?post=18556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}