MANILA - The Department of Finance on Thursday said the country's 2 main revenue collection agencies surpassed their combined target for the year 2021.
The Bureau of Internal Revenue and the Bureau of Customs exceeded their combined target of P2.698 trillion last year by 1.26 percent after collecting a total of P2.732 trillion, the Revenue Operations Group of the DOF said in a statement.
The amount raised by the BIR and the BOC was also 9.78 percent higher compared to their 2020 total.
From Jan. 1 to Dec. 31, 2021, the BIR collected P2.086 trillion or 0.25 percent above its own target of P2.081 trillion set by the Development Budget Coordination Committee (DBCC), the DOF said.
BIR's total 2021 collection is also 6.93 percent higher compared to its P1.951 collection in 2020.
The BOC, for its part, overshot the DBCC target by 4.70 percent by collecting P645.77 billion. Its total for 2021 is also 20.10 percent higher compared to its collection the previous year, the DOF said.
The government last year pursued digitalization efforts to hasten digital transactions despite the COVID-19 pandemic. This includes adding more online payment and collection systems.