BIR Oct collections below target
MANILA, Philippines – The Bureau of Internal Revenue (BIR) generated P95.59 billion in tax revenues in October, missing its collection goal for the month.
The country's largest revenue-generating agency said in a statement Friday, November 15 its October collections fell 4.5% short of its target of P100.065 billion.
It said the gap was due in part to the absence of one-time gains. In October 2012, BIR collected P4 billion taxes from the sale of the Food Terminal Inc. property in Taguig City.
The agency is hard-pressed to shore up tax collections to allow the government to further contain its budget deficit and accelerate spending for much-needed infrastructure and services.
Compared to collections in October 2012, the BIR figure for last month was 11.01% higher, it said.
Collections by regional offices reached P34.4 billion, 4.71% more than last year, while collections from large taxpayers such as corporations amounted to P58.82 billion, up 17.41%. – Rappler.com