BIR misses 7-month tax collection goal

MANILA, Philippines – The Bureau of Internal Revenue (BIR) collected P604.68-billion tax revenues in the first 7 months of 2012, missing its target.

The BIR’s January to July collection fell nearly 3% below its P622.708-billion goal for the period. However, it was 13.71% higher than what the agency collected in the same months last year.

In July alone, the country’s main revenue arm, also failed to meet its goal.

The BIR generated P83.52 billion during the month, 13.18% more than its collection in July 2011, but 4% shy of its P87.35-billion target. 

The BIR, which accounts for 70% of state revenues, is tasked to collect P1.06 trillion this year. – Rappler.com