BIR misses February tax goal

MANILA, Philippines (UPDATED) – The Bureau of Internal Revenue (BIR) missed its tax collection goal for the second straight month in February.

The country’s main tax agency collected P74.52 billion in February, 3.4% below its P77.12-billion goal for the month.

The collections however were 8.5% higher than the P68.7 billion the bureau generated in February 2012.

In January, BIR collections totaled P94.74 billion, 6% lower than its target of P100.93 billion.

Operations, non-operations

Of the total collections in February, revenues from BIR operations reached P72.42 billion, up 18.3% year on year.

Collections by BIR’s regional offices amounted to P27.13 billion, up 21.17% from February 2012.

Collections from non-BIR operations or taxes imposed on government securities however plunged 71.39% to P2.1 billion.  

Full-year target

The BIR is optimistic it can hit its 2013 revenue goal despite falling short of targets in the first two months.

To shore up collections, the agency launched a crackdown on tax evading self-employed professionals as well as small and medium enterprises.

The BIR is tasked to collect P1.253 trillion in 2013, over 17% higher than its P1.066-trillion goal in 2012. This takes into account additional revenues from higher “sin” taxes or taxes imposed on tobacco and alcohol products. – Rappler.com