MANILA, Philippines – The Bureau of Internal Revenue (BIR) has lowered its quarterly collection goals for 2015.
For the first quarter this year, the revenue-generating agency expects to hit P344.66 billion ($7.79 billion) – the lowest quarterly target for 2015.
BIR Commissioner Kim Henares recently said the agency’s revenues may even be lower than expected as the law for higher tax-exemption cap of P82,000 ($1,852.90) on 13th-month pay takes effect.
The agency aims to collect P137.12 billion ($3.10 billion) in January; P102.23 billion ($2.31 billion) in February; and P105.32 billion ($2.38 billion) in March, according to the BIR’s Revenue Memorandum Order 4-2015.
BIR sets its highest quarterly collection target for the second quarter 2015, amounting to P482.31 billion ($10.90 billion).
The second quarter covers the April BIR deadline for the filing of income tax returns.
In the 3rd quarter, the BIR is assigned a collection target of P434.54 billion ($9.82 billion).
BIR aims to generate P442.44 billion ($10 billion) in the last 3 months of the year.
For 2015 full-year collection, BIR sets a target of P1.704 trillion ($38.50 billion), 17.03% higher than the 2014 goal of P1.456 trillion ($32.90 billion).
Bulk of the BIR’s collection target will come from taxes on net income and profits, amounting to P1.024 trillion ($23.14 billion).
The agency also aims to generate P374 billion ($8.45 billion) in value-added tax; P140 billion ($3.60 billion) in excise taxes; P79 billion ($1.79 billion) in percentage taxes; and P87 billion ($1.96 billion) in other taxes. – Rappler.com
US$1 = P44.26