MANILA - The Bureau of Internal Revenue (BIR) on Wednesday said it was able to beat its tax revenue target for December 2013.
December's tax revenue, which accounts for two-thirds of the country's total tax collections, reached P96.6 billion, or 6.4 percent higher than its target for the month.
The tax revenue for December 2013 was also 9.1 percent higher than collections in the same month the previous year.
However, total collections of P1.22 trillion in 2013 were P37 billion, or 3 percent short, of the 2013 full-year target, but 15 percent higher than collections in 2012.
Government’s efforts to collect more revenue by waging a campaign against tax evasion and corruption in the collection process helped the Philippines win investment grade ratings in 2013 year from major credit rating agencies Fitch Ratings, Standard & Poor's and Moody's Investors Service.
The government has a budget deficit target of 2 percent of gross domestic product for 2013, which it wants to keep until the end of President Aquino's term in 2016. -- Report from Reuters