BIR misses collection target for May

ABS-CBN News

Posted at Jun 17 2014 12:43 PM | Updated as of Jun 17 2014 11:38 PM

MANILA, Philippines – The Bureau of Internal Revenue (BIR) missed its collection target for May by 4.24 percent, the tax agency said on Tuesday.

BIR collections in May reached P128.27 billion in tax revenues, or P5.68 billion less than the target of P133.95 billion.

This year’s collections, however, are still higher by 14 percent or P16 billion compared to collections made in May last year.

BIR said collections from its operations in May amounted to P125.46 billion, slightly missing the target of P130 billion.

May 2014 collections were nearly P16 billion or 14.57 percent more than collections made in May last year.

Collections from non-BIR operations, on the other hand, amounted to only P2.81 billion in May, or P933 million short from the goal of P3.74 billion.

Non-BIR collections this year were P417.07 million or 17.42 percent more than the collections made in May 2013.

BIR added that while May collections from large taxpayers amounted to P82.89 billion, or 11.82 percent more than the collections made last year, it failed to meet the target by 7.37 percent.

BIR also missed its target in April as large taxpayers and big businesses in Makati City declared higher tax shield.

The tax agency collected P156.1 billion in April, 11 percent lower than its target of P176.5 billion.