BIR beats November revenue goal


Posted at Dec 17 2012 02:45 PM | Updated as of Dec 18 2012 05:16 AM

MANILA - The Bureau of Internal Revenue (BIR) released on Monday data on November collections.

KEY DATA: Nov Oct Sept Aug July June
Tax revenues
(in Php bln)
 110.8  86.1  71.0  96.8   83.5   81.3
Yr/yr change(pct)   19.4  22.1  6.7  10.0  13.2  21.6

The tax agency, which accounts for two-thirds of total tax collections, surpassed its November target of 102.9 billion pesos ($2.5 billion) by 7.68 percent.

Last month's revenues, brought total collections in the 11 months to November to 969.3 billion pesos, up 14.1 percent from a year earlier.

BIR needs to collect 1.07 trillion pesos in 2012.

The Philippines, one of the prolific global bond issuers among emerging economies, has been repeatedly told by credit rating agencies to improve weak tax revenue so it can cut debt levels further and win an investment-grade sovereign rating.

Manila has been trying to fight tax evasion and corruption in the collection process, rather than imposing new taxes. It has filed a number of tax evasion cases against individuals and corporations.

Budget Secretary Florencio Abad has said the government's budget deficit this year may be smaller than target, but it should at least hit 2.3 percent of GDP, with the government bent on accelerating spending to help spur economic growth.

The government had a budget deficit of 9.67 billion pesos in October, taking the 10-month shortfall to 115.7 billion pesos, less than half of its full-year target. For all of 2012, the government has set a target of keeping the budget deficit at 279 billion pesos, or 2.6 percent of GDP.