BIR reports 20% hike in July collectionsBy Michelle V. Remo |Philippine Daily Inquirer
The Bureau of Internal Revenue achieved a nearly 20-percent increase in tax collection in July, but still fell short of its target for the month.
This came as the government cited the need to ramp up its campaign against tax evasion, which officials claimed remained a rampant activity in the country.
The increase in tax collections, so far, this year is attributed to robust economic growth, which naturally comes along rising incomes of corporate and individual taxpayers. But tax officials admitted there was room for a more significant growth in government revenues, noting the serious problem of income under-declaration and non-payment of taxes.
In a report released yesterday, the BIR said tax collection in July amounted to P100.1 billion, up by 19.85 percent from P83.52 billion in the same month last year.
However, the collection for the month was 0.6 percent short of the target of P100.72 billion assigned by the Department of Finance.