MANILA - Collections from excise taxes paid by large taxpayers for the first half of 2020 exceeded government's target despite the negative impact of the coronavirus pandemic, the Department of Finance said Monday.
Collections by the Bureau of Internal Revenue from large taxpayers reached P128.59 billion, exceeding the adjusted P113.64 billion target for the period by 13.15 percent, the DOF said in a statement.
Revenue targets were adjusted to take into account the impact of the COVID-19 pandemic. The Philippines has implemented one of the world's longest lockdowns, including in Metro Manila and other areas.
Tobacco and alcohol products taxes also exceeded BIR's target, the DOF said.
Demand for oil however declined due to restrictions imposed in March, resulting in a 30 percent below target performance on excise tax collection from petroleum products, it said.
Several companies earlier volunteered to pay taxes ahead of time to help boost the Philippines COVID-19 pandemic war chest.