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Govt gets $22M revenues in October
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Posted on Dec 13 2005
The government collected $22 million during the first month of fiscal year 2006, a $2 million increase compared to the same period last year.
The Department of Finance said yesterday that during the month of October, it collected $19 million in total taxes, $2.9 million in fees and licenses, and $189,000 in other revenues.
In October last year, the collection totaled $20 million.
Authorities earlier projected that revenues would begin to decline in the coming months due to the slowdown in business activities brought by the pullout of Japan Airlines and the downsizing in the garment industry.
The October collection, according to Finance, still includes collections of taxes due for July through September, “so that doesn’t reflect the drop in business.”
The department said, though, that the November collection last year was down at $16 million “because it’s the second month for payment of business gross receipt tax.”
“It really depends on when the BGRT comes in,” said the department.
BGRT is paid on a quarterly basis.
Meantime, DoF data showed that it generated a total of $213.2 million in revenues in fiscal year 2005, or about $600,000 less than the preceding fiscal year.
It said that in FY 2005 ending on Sept. 30 this year, general appropriation totaled $213,174,000.
In FY 2004, the figure was at $213,783,000.
In terms of total taxes and fees, the government only collected $204 million.
Last fiscal year, this amount was up at $210 million.
The government received $9.2 million in additional revenues from fund transfers from other public agencies in FY05.
Total taxes collected in FY05 amounted to $168 million or $8 million less than FY 2004 which posted $176 million.
Meantime, total fees for FY 2005 amounted to $36 million, which is $1 million more than FY04.
Finance Secretary Fermin M. Atalig said that the drop in revenues in FY05 was primarily caused by the garment downsizing.
The government only collected $26 million in garment user fee in FY05 or $4 million less than the annual average collection.
This fee represents 3.7 percent of the total gross sales of the industry.
