BIR collection in March falls short of target
But P75.2B yield still 5.1% higher year on yearBy Ronnel W. Domingo
Philippine Daily Inquirer
Data from the BIR also showed that the March collection was 8.6 percent less than the P82.26-billion goal set for the month.
However, last month’s yield was 5.1 percent more than the P71.56 billion collected in March 2011.
The BIR said on Monday in a statement that it exceeded its year-ago revenue despite a non-recurring collection worth P13.3 billion recorded in March 2011.
“The revenue collection of the regional offices increased by 21.28 percent over their March 2011 collection,” agency officials said.
Tax inflows in March brought the first-quarter revenue to P229.04 billion. The agency missed its monthly target of P232.67 billion by 1.6 percent.
Even then, collection in the first three months was 14.8 percent more than the P199.54 billion reported in the same period of 2011.
The BIR is tasked to raise a total of P1.066 trillion this year—13.4 percent more than the P940-billion goal last year.
The goal of the BIR this year comprises about two-thirds of the overall revenue target of P1.5 trillion—14.2 percent of gross domestic product—that Malacañang had set for 2012.
Working on the assumption that the government will spend some P1.8 trillion this year, revenue agencies, particularly the BIR, are now hard pressed in keeping the budget deficit within the target ceiling of P279 billion.
Earlier in 2012, Internal Revenue Commissioner Kim S. Henares issued Revenue Memorandum Order No. 1-2012, spelling out the policies and guidelines, as well as goal allocation for the different offices of the tax bureau.
In particular, the large taxpayers field operations division is tasked to collect P71.08 billion in excise taxes from those with at least P1 million in taxable income.
Also, the BIR expects to collect P9.185 billion in income tax from participants in the Malampaya natural gas project.
Further, the bureau estimates that it can raise P18.98 billion on final withholding taxes levied on the Bangko Sentral ng Pilipinas.
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