BIR MISSED Q1 COLLECTION TARGET BY P3.6 B
[PHOTO - THE BIR 'HMP' (HANDANG MAGLINGKOD PROJECT LOGO: It depicts the promotion of the revitalized identity on taxpayer service. Tagged inside the colors red and blue is the projects main message in our quest for excellent service “Ang Inyong BIR, Handang Maglingkod”. The three characters in three colors figuratively represents the BIR personnel, in motion by the expression of the hand welcoming our taxpayer perceived as always ready to assist the taxpayers in fulfilling their duties and responsibilities.]
MANILA, APRIL 24, 2012 (STANDARD) Written by Bernadette Lunas - The Bureau of Internal Revenue missed its collection target in the first quarter because of the slower-than-expected growth in March revenues.
The tax agency said collections in the first quarter rose 14.8 percent from a year ago, but were short of the target for the period.
It collected P229.04 billion in taxes in the January-to-March period, up by P29.5 billion from the collection made in the first quarter of 2011.
The figure, however, was short by P3.6 billion of the government’s tax goal of P232.67 billion for the quarter.
Collection in March grew by 5 percent to P75.2 billion, but the BIR also missed the revenue target of P82.3 billion for the month.
The agency surpassed its collection target in February, setting the highest monthly year-on-year growth in two decades without implementation of new tax measures.
BIR collected P68.69 billion in February and P85.15 billion in January.
The BIR, which accounts for about 70 percent of state revenues, set a collection target of P1.06 trillion in 2012, up by 13.4 percent from its P940-billion goal in 2011.
Actual collection last year amounted to P924.1 billion.
The agency aims to collect P302.68 billion in tax revenues in the second quarter.
It focuses on raising the collection from self-employed individuals, particularly the high-income earning professionals who avoid paying taxes.
The BIR also said it would continue to file cases against tax evaders.
(Published in the Manila Standard Today newspaper on /2012/April/24)
Chief News Editor: Sol Jose Vanzi
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