Amid the delayed issuance of rebates, more people applied for tax exemptions in 2004, resulting in less government revenues for the fiscal year.<\/p>\n
Finance Secretary Fermin Atalig said that personal and corporate income tax collection in FY 2004 only totaled $7.5 million, more than a 100 percent reduction from the FY 2003 collection of $16.5 million.<\/p>\n
\u201cThat explains why our revenues went down by $1 million in FY 2004,\u201d said Atalig.<\/p>\n
Department of Finance data showed that general appropriation in FY 2003 totaled $214.2 million while in FY 2004, it totaled $213.8 million.<\/p>\n
Fermin said, though, that other than NMTIT or the personal and corporate income tax, almost all collections in other areas went up.<\/p>\n
\u201cThat\u2019s the major thing that upsets us,\u201d he said.<\/p>\n
Atalig attributed the decreased NMTIT collection to \u201cpeople claiming exemptions.\u201d<\/p>\n
In FY 2003, less people applied for tax exemptions. But last year, he said, more of them applied, \u201cbecause of the lateness in the government giving out the refunds.\u201d<\/p>\n
Fermin also noted that tax penalties and interest collection went down from $1.3 million in FY 2003 to $301,000 in FY 2004.<\/p>\n
\u201cIt\u2019s because we imposed less tax and penalties in FY 2004,\u201d he said.<\/p>\n
Overall, Atalig said, \u201cwe did very well in collection revenues for the government.\u201d<\/p>\n
He noted that even the garment user fee collection went up by about $1 million in FY 2004.<\/p>\n
The government generated $29.6 million from garment user fee in FY 2003. The figure increased to $30.1 million in FY 2004.<\/p>\n
Meantime, Atalig\u2019s office has reported that total general revenues for the first quarter of fiscal year 2005 was about 10 percent up at $47.3 million compared to the same period last year.<\/p>\n
DoF data showed that from October to Dec. 31, 2004, it collected $39.9 million in taxes and $7.4 million in fees, services and other revenues.<\/p>\n
During the same period for FY 2004, the government had collected $43.1 million\u2014$37.5 million from taxes and $5.5 million from fees and other revenues.<\/p>\n
The Finance official said that based on the trend, the government would realize some $20 million additional revenues in FY 2005.<\/p>\n
The government is operating on a $213 million continuing resolution.<\/p>\n","protected":false},"excerpt":{"rendered":"
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