Business & Economy

BIR May collections fall short of target

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MANILA -- The Bureau of Internal Revenue (BIR) failed to meet its collections target in May, just a month after it exceeded revenue targets.

In a statement Monday, the BIR said it collected P111.9 billion in tax revenues in May, 2.8 percent less than the goal set for May 2013 of P115.12 billion.

The latest collections data, however, is 18.35 percent more than collections made in May 2012.  

In May, collections from BIR operations – which account for bulk of revenues – amounted to P109.51 billion.

This is 18.69 percent more than collections made in the same month last year, but is 1.28 percent below the goal set for May 2013 of P110.93 billion.

Collections from non-BIR operations suffered a blow last month and amounted to only P2.39 billion, 42.9 percent less than the goal set.

Regional Offices, meanwhile, collected a total P36.08 billion, while collections by the Large Taxpayers Service amounted to P73.42 billion.

The data came on the heels of the BIR's exceeding targets last April, the deadline for income tax filing.

Collections for April and May now add to a little over P260 billion against the P358.3 billion second quarter collections target.

In the first quarter, tax revenues amounted to P244.1 billion, up 6.56 percent year-on-year but falling short of the P267.08 billion target for the first three months of 2013.

The BIR is looking at higher collections of P306.87 billion in July-September period and P321.43 billion in October-November.

The tax agency is expected to collect a record P1.25 trillion for the whole of 2013, up 18 percent from actual collections of P1.057 trillion a year earlier.

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