Revenue of Philippines’ Main Tax Agency Plunges 70% in April

April collection of Bureau of Internal Revenue, which accounts for 78% of total, plunged 69.8% to 71.8b pesos, amid a lockdown since mid-March that prompted government to extend deadline for previous year’s taxes, finance department says in statement.

• Together with Bureau of Customs, collection last month totaled 105.75b pesos compared with 289.6b pesos year ago, and was short by 25.3b pesos against a combined target of 131b pesos
• 4-month revenue at BIR, fell to 527.41b pesos, down 25.4% y/y
• Customs collection in April was only 34b pesos or 34.3% less than year ago; 4-month Customs take slid to 179.44b pesos, ...