BIR exceeds Jan-Feb tax collections target by 2.28%

Rappler.com
The country's main revenue generating agency reported a P153.84 billion tax collections during the first 2 months of 2012, slightly exceeding targets

MANILA, Philippines – After missing targets, the Bureau of Internal Revenue (BIR) reported that it exceeded the January-February tax collections target by 2.28%.

The country’s main revenue generating agency reported a P153.84 billion tax collections during the first 2 months of the year.

“Our people are really working hard,” stressed BIR chief Kim Henares during a press briefing on Thursday, March 29.  

For the month of February 2012, the BIR collected P 68.69 billion in tax revenues, with this breakdown: P 61.36 billion from BIR operations and P7.34 billion from non-BIR operations.

Compared to the collections in February 2011 when the BIR generated P53.42 billion, actual collections for the month are ahead by P15.28 billion, or an increase of 28.6%.

Against the February 2012 target of P63.13 billion, actual collections exceeded it by 8.81%.

“February does not (make) the whole year. We still have to work hard. The Large Taxpayers Service and regional are working really hard,” noted Henares.

In January, the tax agency missed its P87.28 billion collections target with an actual collections of P85.15 billion.

The BIR is tasked to raise P1.066 trillion this 2012, much higher than the revenue goal of P940 billion set for 2011.

The government depends on BIR’s performance for 70% of its total revenues, which in turn finances social services, military spending, infrastructure investments, among others.

The Aquino government has an ongoing name-and-shame campaign meant to improve revenue administration.

Its recent high profile tax case involves boxing icon Manuel Pacquiao. – Rappler.com