BIR posts higher November collection

MANILA, Philippines – The Bureau of Internal Revenue (BIR) saw a 15% increase in revenue collection in November this year from its year-ago performance.

The BIR said in a report to Finance Secretary Carlos Dominguez III that it collected P157.29 billion last month, or 15.34% higher than its November 2015 collection of P136.37 billion.

It attributed the collection increase mainly to its “streamlined processes that have improved efficiency in monitoring and collecting taxes.”

The BIR said reduction of documentary requirements for one-time transactions (ONETT) and monitoring the workflow of the agency’s offices helped in revenue collection.

From January to November this year, the BIR has collected a total of P1.454 trillion in revenue, which is P127.41 billion more than last year’s collection for the same 11-month period.

This translates into a 9.6% increase in its year-to-year collection, the BIR said in its report.

The agency had earlier reduced its revenue target for 2016 to P1.6 trillion, from P2 trillion set by the administration of former president Benigno Aquino III.

The BIR needs to reach a revenue collection of P146 billion in December to hit its target this year. – Chrisee Dela Paz/Rappler.com