BIR collects P229.04-B in Q1, misses target

MANILA, Philippines [UPDATE] – Tax collections by the main revenue collection agency reached P229.04 billion in the first quarter, missing its P232.67 billion target for the period.

On Monday, April 23, the Bureau of Internal Revenue (BIR) stressed that the tax collections for the quarter was P29.5 Billion or 14.78% more than the collection in the same period last year.

In March alone, collections reached P75.2 billion, or an increase of P3.64 billion over last year but below the P82.26 billion target.

Nonetheless, BIR chief Kim Henares stressed that year-on-year growth in collections has been substantial. “We’re growing faster than the economy,” she noted.

She added that March 2012 collections posted a growth despite a March 2011 base, which included one-time gains of P13.3 billion from taxes collected from the Bangko Sentral ng Pilipinas and the National Power Corp. (Napocor).

Without the P13.3 billion one-time gains posted last year, growth would be roughly 20%, Henares also said.

“We’re still on track because…the one time transaction can come in later on the year,” Henares said.

The BIR is stepping up efforts to meet the revenue goal of P1.066 trillion this 2012, the first time that the revenue goal has reached the P1-trillion mark.

The Aquino government is banking on better tax administration through a name-and-shame campaign. – Rappler.com