MANILA – The Bureau of Internal Revenue (BIR) is projecting to generate P1.456 trillion in revenues this year, a 16 percent increase from the P1.253 trillion set by the government’s economic managers in 2013.
The BIR is targeting P299.35 billion in revenues from January to March or 20.5 percent of the agency’s 2014 target.
In the second quarter, the BIR expects collection to reach P417 billion, or 28.3 percent of its full-year goal.
Revenues are expected to hit P176.14 billion in April alone, which is traditionally the BIR's strongest month due to the deadline for filing income tax returns.
The BIR is eyeing revenues of P716.35 billion or 49.2 percent for the year’s collection target by the end of June.
In the third quarter, the BIR is targeting to generate P365.37 billion or 25.1 percent of its full-year goal, while P380.26 billion in revenues equivalent to 26.1 percent of the target is being eyed for the fourth quarter.
The tax agency expects revenues from net income and profits to reach P855.77 billion, while value-added tax will contribute P325.74 billion, another P124.17 billion in excise taxes as well as about P72.06 billion in percentage taxes and P78.24 billion in other taxes.
In January to November 2013, BIR collections hit P1.12 trillion and surpassed the total collection for the whole year of 2012, which amounted to P1.058 trillion.
For December, the BIR needed to collect P133 billion to meet its P1.253 trillion target.
BIR Commissioner Kim Jacinto-Henares earlier said the agency had worked hard to attain its 2013 collection target, but declined to disclose if they likely met the full-year goal.