BIR’s 2013 goal: Collect P1.253-T taxes

Rappler.com
This target takes into account the P34 billion additional revenues from sin taxes and a GDP growth of 6%

MANILA, Philippines – Following the implementation of the sin tax reform law this 2013, the tax collection target of the Bureau or Internal Revenue (BIR) for the year has been set at P1.253 trillion, 17.6% more than the P1.066 trillion goal in 2012.

This new 2013 collection goal, which the Department of Finance assigned to BIR on Friday, January 25, is higher than the originally set goal of P1.238 trillion but below the previous estimate of P1.272 trillion.

This collections target takes into account the P34 billion additional revenues from sin taxes slapped on cigarette and alcohol products, following the passage of a sin tax law in December 2012.

It is also based on a gross domestic product (GDP) growth projection of 6% for 2013. BIR’s target is part of the Medium Term Revenue Program of the government.

Of the P1.253 trillion, the BIR’s Large Taxpayers Group will collect bulk or P768.308 billion and the rest spread out among revenue regions and districts across the country and also from non-BIR operations.

By tax type, the BIR has a goal to collect

  • P759.187 billion from net income and profits
  • P102.367 billion from excise taxes
  • P268,631 billion from value-added taxes (VAT)
  • P60.732 billion from percentage taxes
  • P62.762 billion from other taxes

BIR collects about three-fourths of government’s total revenues, which are spent on education, military, health, social services, and more. – Rappler.com