Metro Manila, June 29 ----- The government may make an upward revision of its revenue target for the year following stronger collections in the first five months, according to Finance Secretary Benjamin Diokno.
“We're revising kasi (because) we have actually exceeded collections. So we are revising it upwards. We do that on a quarterly basis,” he said during the Kapihan sa Manila Bay forum on Wednesday. For this year, the Development Budget Coordination Committee is projecting ₱3.729 trillion in state revenues. Asked how much could be the increase in target, Diokno said: “I cannot commit at this time but definitely we will have to revise.”
The Department of Finance said that state revenues from the January-May period jumped 10.83% to nearly ₱1.6 trillion compared to the ₱1.437 trillion booked a year earlier. Diokno attributed the robust performance to “improved tax administration” of the government’s main tax collectors.
Source: cnnphilippines.com
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