THIS year's P4.3-billion revenue collection will be maintained, the Finance Department said, but a review will be conducted next month to take latest developments into account.

Finance Secretary Ralph Recto met with officials of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC) last week to assess collection performance and discuss ways where the Department of Finance could offer support.

"We're keeping the targets. Will make [a] review end of June," Recto said in a Viber message on Monday.

This means that the BIR is still tasked to collect P3.05 trillion and the BoC will have to account for around P1 trillion. As of the end of April, the BIR had collected P912.9 billion while the BoC netted P295.2 billion.

Recto said the two agencies would be meeting with the Securities and Exchange Commission and the Bureau of Local Government Finance for a data-sharing agreement to "streamline taxpayer records and improve tax collection efficiency."

With many consumers also shifting to e-commerce, he stressed the need to bolster digitalization initiatives and align domestic practices with international standards.

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