BIR misses 2012 revenue goal
MANILA, Philippines (UPDATED) – Bureau of Internal Revenue (BIR) collections in 2012 grew 14.48% from the previous year, but fell below the agency’s target.
The country’s main tax agency collected nearly P1.058 trillion in 2012, P133.77 billion higher than its collections in 2011, but P8 billion short of its P1.066-trillion target for the year.
In December alone, the agency performed better than expected. Its P88.58 billion tax take during the month surpassed the target by 15.51%. This was also 18.68% higher than what was recorded in December 2011.
BIR collections come from two sources—general operations or regular tax revenues, and non-operations, which are taxes imposed on government securities sold by the Treasury bureau.
BIR operations booked P1.016.97 trillion in revenues in 2012, up 14.2% from 2011.
Similarly, collections from non-BIR operations amounted to P40.95 billion, an improvement of 21.68% from the amount generated in 2011.
The BIR is tasked to collect P1.254 trillion in 2013. This takes into account additional revenues from higher “sin” taxes or taxes imposed on tobacco and alcohol products. – Rappler.com