MANILA, Philippines - The Bureau of Internal Revenue (BIR) is confident that it will attain the P1.26 trillion collection target for this year.
BIR Commissioner Kim S. Jacinto-Henares said the optimism is driven by strong economic activities in the country and the agency's renewed efficiency in collecting taxes.
The 2011 revenue goal of the BIR is 9.3% higher compared with P860 billion tax goal for last year.
The BIR is responsible for more than 60% of the government's annual revenues used to fund social services, salaries of government employees, among others.
Meanwhile, the chief of the Bureau of Customs, which accounts for about one-fifths of total revenue sources of the government, will request for a collection goal lower than P320 billion.
It has likely missed its 2010 goal of P250 billion due to the peso appreciation and the scrapping of tariffs on some commodities, including oil. These two issues remain in 2011.
The finance department is pushing the two main tax agencies to raise more revenues this year to finance a budget deficit estimated to reach P290 billion from an expected record financing gap of P325 billion last year.