BIR lowers quarterly revenue goals for 2015

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BIR lowers quarterly revenue goals for 2015
The Bureau of Internal Revenue sets the highest collection target in the second quarter of the year, covering the April 15 deadline for income tax returns

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. –

US$1 = P44.26

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