BIR misses May collection target

MANILA, Philippines – The Bureau of Internal Revenue (BIR) collected P128.27 billion ($29.18 billion) in tax revenues in May, P16.37 billion or 14.63% more than the agency’s collections year-on-year.  

The collection though is P5.68 billion or 4.24% less than the goal set for May 2014, at P133.95 billion.

Last month, collections from BIR operations amounted to P125.46 billion, P4.75 billion or 3.65% less than the goal set for BIR operations at P130.21 billion for May 2014.

The biggest miss is from non-BIR operations collections, which amounted to only P2.81 billion, P933 million or 24.92% less than the goal set at P3.74 billion for the last month. 

Meanwhile, collections by the regional offices amounted to P42.58 billion, P7.2 billion or 20.35% more than the collections made in May 2013.

Collections by large taxpayers hit P82.89 billion, P8.76 billion or 11.82% more than the collections made in May 2013.

In April, BIR collected P156.1 billion in tax revenues—P7.12 billion or 4.78% more year-on-year—but still below its target collection for the month.

The BIR’s collection target for April is P176.51 billion, which it had even hoped to exceed.

Despite its continued inability to meet its collection target so far this year, BIR remains confident that it would meet its full-year collection target of P1.456 trillion ($331.17 billion) in 2014, the agency previously said. – Rappler.com