BIR Q1 collections fall below target

MANILA, Philippines – The Bureau of Internal Revenue (BIR) collected P303.38 billion ($6.76 billion) in tax revenues, P38.68 billion or 14.61% more than the collections made in the same quarter of 2014, the agency said Thursday, June 18. 

However, the first quarter collection was below target for the period.

In February, BIR announced that it lowered its quarterly collection goals for 2015. For the first quarter this year, the agency aimed to collect P344.66 billion ($7.67 billion) – the lowest quarterly target for 2015. (READ: BIR lowers quarterly revenue goals for 2015)

The Large Taxpayer Service collected P99.18 billion ($2.21 billion), P1.30 billion or 1.33% more than its collection last April 2014.

The collections of the Large Taxpayer Service were affected by a decrease in income reported by a significant number of taxpayers under their jurisdiction.

BIR noted that the large part of the income tax liabilities due on April 15, 2015 were those from business operations for the last quarter of 2014; sales of businesses; and the resulting income from these, which were affected by Manila's port congestion last year.

“Taxpayers should expect a significant intensification of audit to determine the veracity of the reported decreases in their income,” BIR said.

Collections from BIR operations reached P292.25 billion ($6.51 billion), P27.62 billion or 14.77% more than collections made in the first quarter of 2014. 

Collections from non-BIR operations amounted to P11.13 billion ($247.89 million), P1.06 billion or 10.49% more than the same period last year.

For April 2015, BIR collected P160.78 billion ($3.58 billion),P4.67 billion or 2.99% more than collections made in April 2014.

Collections from BIR operations reached P159.45 billion ($3.54 billion), P6.06 billion or 3.96% more than collected in April 2014. Of this amount, the regional offices collected P59.87 billion ($1.33 billion), P4.76 billion or 8.64% more than its collection last April 2014.

Meanwhile, collections from non-BIR operations for April 2015 amounted to P1.73 billion ($38.54 million), P1.39 billion or 44.55% less than what was collected in April 2014. – Rappler.com

$1 =  P44.91