BIR collections rise by 22.87%
MANILA, Philippines–Tax collections of the Bureau of Internal Revenue (BIR) last September jumped by over a fifth year on year and exceeded its monthly target mainly on the back of a bigger haul from large taxpayers.
The BIR on Thursday reported that its collections last month amounted to P105.71 billion—22.87 percent higher than that of September last year.
It also exceeded its P102.98-billion goal for that month by 2.64 percent.
It was only the second time so far this year that the agency hit or exceeded its monthly target. Last July, the bureau’s revenue take was 0.05 percent higher than its collection target set for the month.
According to the BIR, its large taxpayer service amassed P66.17 billion at the end of the third quarter, 9.33-percent higher than the target. The September haul from large taxpayers was likewise a third higher year-on-year.
Collections from BIR operations last September reached P101.63 billion—3.1-percent more than the goal for the month and almost a fourth higher than actual collections made during the same month of 2013.
However, collections from non-BIR operations only reached P4.08 billion—7.68-percent below the target month. It was also 4.62-percent lower than the collection made in September last year.
Collections of the BIR’s regional offices last month reached P35.47 billion—9.9 percent higher year-on-year. But the regional offices missed their September tax collection target by 9.66 percent.
The BIR, under Commissioner Kim S. Jacinto-Henares, aims to collect taxes worth P1.456 trillion by yearend.
The BIR and the Bureau of Customs are the biggest collection agencies of the government. The two agencies are under the wing of the Department of Finance.
The Aquino administration wants to increase collections to P1.880 trillion this year, from P1.536 trillion last year, in order to raise the ratio of tax revenue to gross domestic product (GDP) to 14.7 percent in 2014, from last year’s 13.3 percent.
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