P397.8-B revenue goal `achievable' - BIR chief

Internal Revenue Commissioner Dakila Fonacier said yesterday the P397.8 billion revenue collection target for this year is "achievable."

Fonacier said he is currently meeting with the bureau's division chiefs to determine what improvements would need to be implemented to enhance revenue collection.

Fonacier also expressed support for the so-called Lateral Attrition Bill now being deliberated in Congress.

"We welcome this move in Congress wherein in BIR, from commissioners down, if you don't meet your target you're out but if you meet it, you will be rewarded," he said, adding that "I hope that this law will be passed as soon as possible.

Fonacier also supports another bill in Congress which would help improve their collection. "I wish that Congress would pass very soon the proposed BOI (Board of Investments) Law to ensure that foreign investors will pour in their money here," he said.

Before he joined the BIR, Fonacier served as undersecretary of the Department of Trade and Industry and managing head of the Board of Investments.

"Right now, we are losing these investments to our neighbors who give more liberal incentives," he said, citing that last year alone, the backlog amounted to P175 billion worth of investments because of the non-passage of the BOI law.

"I believe that if there are no incentives, there would be no projects. If there were no projects, there would be no employment. If there were no employment, there would be no taxes," he said.