The Bureau of Internal Revenue (BIR) has broadened its taxpayer base in 2021, owing to its digitalization efforts to make tax collection more efficient, the Department of Finance (DOF) said Wednesday.
MANILA - The heightened Bureau of Internal Revenue's (BIR) digitalization transformation (DX) programs, complemented by its growing workforce of young and skilled professionals under the Duterte administration, enabled the agency to steadily improve its collection performance and broaden the taxpayer base in 2021. In his report to Finance Secretary Carlos Dominguez III, BIR Commissioner Caesar Dulay said 4.63 million business taxpayers were registered last year despite the pandemic, representing a 5.14-percent increase from the previous year's 4.41 million registered businesses. Since President Rodrigo Duterte took office, the BIR's collection steadily grew from PHP1.58 trillion in 2016, to PHP1.78 trillion and PHP1.96 trillion in 2017 and 2018, respectively. The highest so far was in the pre-pandemic year of 2019, when collections amounted to PHP2.19 trillion, before dipping to PHP1.96 trillion at the height of the coronavirus disease 2019 (Covid-19) global outbreak in 202
The Bangko Sentral ng Pilipinas has amended the guidelines on the computation of how much capital a bank should have as a percentage of risk-weighted credit exposures.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno is confident of the continued increase of investments under the Personal Equity and Retirement
BSP Governor Benjamin Diokno (File photo) MANILA - Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno is confident of the continued increase of investments under the Personal Equity and Retirement Account (PERA) amid the challenges such as the impact of the coronavirus pandemic. The government aims to have five million PERA contributors by 2025, which Diokno said is around 10 percent of working Filipinos here and abroad. "As the economy recovers from the pandemic we expect the number of PERA contributors to continue to grow. In any case, we recognize the current challenges that may prolong the achievement of our goal and we will reassess the targets after consultations with the industry, partner agencies, and other stakeholders," Diokno said in a virtual briefing aired over the central bank's Facebook page on Thursday. PERA is a voluntary retirement savings program of the government targeted to help the capital markets since the pooled funds are invested in equiti