Friday, 23 November 2012

BIR Collection Topping P1 Trillion


By CHINO S. LEYCO
Manila Bulletin
http://www.mb.com.ph/articles/382612/bir-collection-topping-p1-trillion#.UK7Pb-TqlvA

The Bureau of Internal Revenue (BIR), the government’s main tax agency, said yesterday that its collection this year will exceed P1 trillion mark.

BIR Commissioner Kim S. Jacinto-Henares said that the agency is working hard to raise the needed P208-billion collection in the final two months of the year to meet the P1.066 trillion target for 2012.

“I’m confident that we will meet the P1 trillion mark, but when it comes to our full-year target, I can say that we’re working hard to achieve it,” Jacinto-Henares said.

As of October this year, the BIR collected P858.6 billion, higher by 13.45 percent compared with P756.7 billion in the same period last year.

The BIR’s end-October collection, however, was short by 3 percent against the P886,5 billion target for the period.

In November, the BIR is expected to raise P102.9 billion and another P76.6 billion in taxes in December.

Last month, the BIR also achieved its collection target by generating P86.1 billion in collection, short by P800 million against the P86.18-billion goal.

Year-on-year, the BIR October collection grew by 22.13 percent from P70.5 billion.

In October, collections from BIR operations reached P83 billion, an increase of 20 percent compared with the same month last year, also exceeding the P82.4-billion goal.

Meanwhile, collections from non-BIR operations increased by 140 percent to P3.15 billion from a year ago, but short by 17 percent compared with the target.

Collections by the Regional Offices amounted to P33 billion in October, higher by 39 percent compared with the same month last year, continuing with the trend of double-digit growth being registered by cluster for this year.

Regional Offices also exceeded its goal for the month by 14 percent.

Collections by the Large Taxpayer Service, meanwhile, reached P49.96 billion, an increase of 10 percent from a year ago.

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