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First-quarter tax collections hit fresh record high

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The government’s tax effort saw a substantial improvement relative to the Philippine economy in the first quarter, with collections hitting a fresh record high, the Department of Finance (DoF) said.

Revenues collected from January to March accounted for 15.82% of gross domestic product (GDP), jumping from the 14.91% share logged during the same period in 2017. The computation includes taxes, import duties, and other fees collected by the government.

“Tax effort also rose by 1.03 percentage point, from 13.44% to 14.47%, the highest first quarter tax effort ever achieved,” the DoF said in a statement on Friday. — Melissa Luz T. Lopez