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BIR exceeds target for 2nd straight month

Feb. collections rose 28.6% year on year to P68.7B

For the second consecutive month in February, the Bureau of Internal Revenue has exceeded its revenue targets.

The Bureau of Internal Revenue collected P68.69 billion in February, exceeding revenue targets for the second month in a row this year.

Data from the BIR also showed that the February collection was 8.8 percent higher than the P63.13-billion goal set for the month.

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Also, last month’s yield was 28.6 percent higher than the P53.42 billion collected in February 2011.

Overall, the revenues of January and February reached P153.84 billion, exceeding the target of P150.4 billion by 2.3 percent.

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The two-month revenue was also 20.2 percent higher than the P127.99 billion posted in the same period of 2011.

The BIR’s performance in February sustained what finance officials described as a “positive drive,” arising from the strong momentum seen in 2011.

Last week, Finance Secretary Cesar V. Purisima expressed confidence that the collections this year would be as strong as those reported in 2011, when revenue growth hit the highest level in a decade.

“As we continue to strengthen tax administration efficiency, I do not see any reason for us not to surpass our performance last year,” Purisima said.

“The government will continue its fight against tax evasion and smuggling, and plug loopholes in our system to boost our revenues.”

However, the finance chief said the department would need the help of Congress particularly with the “timely” passage of proposed laws on the rationalization of fiscal incentives and reforms on excise taxes.

Malacañang is said to have pinned its hopes on these measures to generate more state resources.

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“Following a notable performance last year, the government looks at 2012 as an opportunity to continue with its fiscal consolidation process as it strives for higher, sustainable and more inclusive growth,” Purisima said.

He also reiterated the need for revenue agencies to set “the right goals.”

“The challenge to proper goal setting is the quality of information that we’re getting, not on a national level, but on a regional level and by sector,” Purisima explained.

“And that’s why we’re investing in information technology so that we can get better information that will now be the basis for goal setting,” he added.

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TAGS: Bureau of Internal Revenue, Philippines, state budget and taxes, tax collections
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