The months-long lockdown has resulted in 119,596 businesses closing up shop due to the COVID-19 pandemic.
This translates to Php7.767 billion in “foregone revenues”, based on tax records from the Bureau of Internal Revenue (BIR).
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BIR Deputy Commissioner Arnel Guballa said collections decreased by about 10 percent in 2020.
Guballa, who presented this to the Ways and Means Committee of the House of Representatives, said they collected Php1.956 trillion in 2020 in taxes compared to the Php2.186 trillion in 2019 or a difference of P230.13 billion.
However, BIR still reached its Php1.69 trillion target for the fiscal year 2020.
This is a 15.14 percent hike which is considered the highest percentage in BIR’s history for two decades. (ES)