Latest Stories

BIR sees ’12 tax take exceeding P1T


The Bureau of Internal Revenue collected P71 billion in September, falling short of its monthly target for the third month in a row.

MANILA, Philippines—The Bureau of Internal Revenue is confident its tax collection this year will, for the first time, surpass the P1-trillion mark.

Revenue Commissioner Kim Henares told reporters Thursday that preliminary estimates had shown that the agency was on track to generating more than P1 trillion in taxes this year.

“We will exceed P1 trillion,” Henares said in a chance interview following the filing of tax-evasion cases against a construction company and two property owners with the Department of Justice. She did not say, however, if the BIR was expecting to hit its official tax-collection target this year.

The BIR, the biggest revenue earner among government agencies, was tasked to collect P1.066 trillion in taxes this year. The target represents a 15-percent increase from its actual collection of P924.1 billion last year.

For October alone, Henares said the BIR was expected to have registered a tax collection growth of at least 10 percent from P70.504 billion in the same month last year. This means taxes collected by the BIR during the month may hit at least P77.55 billion.

Henares said exceeding the P1-trillion mark in tax collection this year was possible given the several measures being undertaken by the BIR to plug leakages and to discourage firms and individuals from evading payment of proper taxes.

The BIR is keen on keeping its goal of filing at least two evasion cases every month under its Run After Tax Evaders (RATE) program.

The BIR on Thursday charged a construction company, 515 Builders Corp., of tax evasion. The BIR said the company did not pay more than P16 million in taxes.

“Records of investigation showed that Builders wilfully failed to file its annual income tax returns for taxable years 2009, 2010 and 2011, resulting in its wilful non-payment of the correct tax aggregating P16.44 million, inclusive of surcharges and interests,” the BIR said in a statement.

With the expected increase in tax collection by the BIR, the national government sees the proportion of its budget deficit and of its outstanding debt to the country’s gross domestic product to continually decline.

The government’s debt-to-GDP ratio currently stands at a little over 50 percent. Officials said the ratio, which is one of the closely monitored indicators of creditworthiness, is expected to fall below the 50-percent mark next year.

Officials expect the Philippines to finally get an investment grade next year. Currently, the Philippines’ credit ratings assigned by the three major international credit watchdogs—Moody’s Investors Service, Standard & Poor’s, and Fitch Ratings—are all at one notch below investment grade.

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 , forecasts , Kim Henares , state budget and taxes , tax collection

  • http://profile.yahoo.com/7Y76EPC6SKXCKUAU2VXSRXHWOI leamsi

    Go BIR. implement your mandate..

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


  • Ukraine FM: We are ready to fight Russia
  • Slain officer’s ‘diagram’ rocks PNP
  • 2 contractors fined P25,000 for delays in Edsa rehab
  • Luisita beneficiaries take over renters
  • 5 years of hard work pay off for top UP grad
  • Sports

  • 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
  • NLEX roars to 7th D-League win
  • Lifestyle

  • Love it or hate it? Kris Aquino’s new hairstyle
  • A brand for life
  • Wear a rainbow on your wrist
  • Wearing Kate Moss
  • Sail into summer
  • Entertainment

  • 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
  • OMB exec’s assurance: We work 24/7
  • Business

  • Gaming stocks gain, PSEi eases on profit-taking
  • Cebu Pacific flew 3.74M passengers as of March
  • Corporate bonds sweeteners
  • Professionals in the family business
  • Foreign funds flowed out in Q1, says BSP
  • Technology

  • 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’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • Afghan hospital guard kills 3 American doctors
  • Career diplomat is new PH consul general in Los Angeles
  • US4GG: Aquino should ask Obama for TPS approval, drone technology
  • Complex health care system for California’s elderly and poor explained
  • Tiff with HK over Luneta hostage fiasco finally over
  • Marketplace