Quantcast
Latest Stories

BIR misses January target by 6%

P94.7B in collections up 11.3% from a year ago

By

The Bureau of Internal Revenue raised P94.74 billion in January, increasing by 11.3 percent from the year-ago collections of P85.15 billion but falling short of the month’s target of P100.93 billion by 6.1 percent.

Based on BIR data released Wednesday, P89.03 billion of January collection accounted for cash. Compared to the cash goal for the month, the intake fell short by 8.2 percent.

The rest of the revenues in January represented P5.71 billion in non-cash inflows such as payments that were made using tax credits.

The higher “sin tax” rates approved by the Congress and signed by President Aquino late last year took effect on Jan. 1 this year.

Last week, government revenue officials said they were boosting efforts to pursue big-league tax cheats as the BIR strives to strengthen itself as a law enforcer.

“Our challenge is not to look for the large taxpayers (but) to look for the large, missing taxpayers,” Finance Secretary Cesar V. Purisima said in a statement. The BIR’s Large Taxpayer Service (LTS) office contributes about two-thirds of BIR collections yearly.

According to the BIR, there were 2,019 large taxpayers who paid a total of P650 billion in 2012 or 64 percent of the agency’s P1.02-trillion cash earnings.

Large taxpayers are corporations that have at least P300 million in capital; multinational enterprises with authorized capitalization of P300 million; publicly listed corporations; universal and commercial banks; taxpayers with an authorized capitalization of at least P100 million and belonging to either the banking, insurance, telecommunication, utilities, petroleum, tobacco and alcohol sectors; and corporate taxpayers engaged in metallic mineral production. All branches of these entities are also considered large taxpayers as well as subsidiaries and affiliates of conglomerates or group of companies already listed as large taxpayers.

For 2013, the LTS is tasked to raise P768.3 billion, which will be 63 percent of the BIR’s cash target of P1.22 trillion. The amount means an 18-percent increase in the LTS’s 2012 collections.

In Malacañang, presidential spokesman Edwin Lacierda reiterated the Aquino administration’s commitment to intensified tax collection efforts by running after tax evaders.

Lacierda said during the regular press briefing in the presidential palace on Wednesday that the BIR has stepped up the filing of cases against tax evaders as part of the government’s commitment to tread the straight and righteous path.

The government has stepped up the filing of cases against tax evaders with 28 new cases filed since November 2012. According to the Department of Finance (DOF), 11 new cases were filed under the Run after Tax Evaders (RATE) program while 17 new cases were filed under the Run after the Smugglers (RATS) initiative.

The DOF and its attached agencies are working with the Department of Justice and the judiciary for the swift resolution of the cases.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Bureau of Internal Revenue , January target , tax collections , taxes

  • CmdrAdobo

    inutil as usual.

  • FILIPINOpatriot4ever

    Missing the target but achieving 11.3% increase in collection compared to the same month last year is great job.

    Looking at the data, the BIR collected P 9 billion more in January 2013 compared to january 2012. That is indeed remarkable!



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Seabed search for missing Malaysian jet to widen
  • Lacson rejects calls to name ‘pork’ execs
  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • Marketplace