The Bureau of Internal Revenue (BIR) announced that it went beyond its 2024 collection goal of ₱2.85 trillion. Preliminary data shows the agency collected at least ₱2.848 trillion, marking its first target exceedance in two decades, except for pandemic-adjusted years.

BIR Commissioner Romeo D. Lumagui, Jr. credited the achievement to measures like the 1% withholding tax on online sellers and efforts to stop tax fraud. Improved taxpayer compliance also played a big role.

However, the BIR faced issues in some areas, such as tobacco excise taxes, which fell short of their target by 28% due to illegal trade and more people switching to vape products.

Despite slower economic growth of 5.2% in the third quarter of 2024, the BIR’s focus on better systems and taxpayer-friendly services helped boost collections. Final numbers will be released by mid-February, with the agency confident they will surpass the government’s revenue goals.

This milestone highlights the BIR’s efforts to improve tax collection and support the country’s financial stability.

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