BIR finally exceeded collection target in June

The Bureau of Internal Revenue (BIR) collected P81.34 billion in June, finally exceeding its target after failing to do so for months.

According to BIR data released Thursday, the June collection was 7.8 percent, or P5.94 billion, higher than the P75.4-billion goal set for that month.

Also, last month’s yield was 21.6 percent, or P14.4 billion, higher than the P66.9 billion collected in the same month last year.

With the collections in June, total tax revenue for the first semester reached P521.15 billion. This meant that the bureau missed its P535.36-billion target by 2.6 percent, or P14.2 billion.

Even then, the six-month collection was 13.8 percent, or P63.16 billion, higher than the P458 billion posted in the same period of 2011.

“Collections from the regional offices have consistently showed double digit growth as was the case in previous months,” the BIR said in a statement, noting that the units exceeded their year-ago yield for January-May by a fifth.

The BIR said that in June, regional offices turned in a total of P28.09 billion, which was 25.6 percent, or P5.72 billion, more than that of a year ago.

This also meant that regional offices exceeded their collective goal set for the month by P2.23 billion, or 8.63 percent.

As for the Large Taxpayer Service, collections reached P50.83 billion, which was P8.56 billion or 20.3 percent higher than a year ago.

The BIR said the LTS also exceeded its revenue goal in June by P3.04 billion, or 6.37 percent.

Last month, Finance Secretary Cesar V. Purisima said he was pleased with the continued year-on-year rise in revenue collections, saying that this would allow the government to pursue its spending program for the year while making sure that its fiscal position would remain under control.

According to Purisima, plugging the loopholes in the tax system and the reengineering of revenue agencies will be continued.

Even Malacañang “continues to work with Congress” for the passage of fiscal incentives rationalization and excise tax reform bills, Purisima said.

“We remain optimistic that the two bills will be passed into law within the year,” he added.